《大行》瑞銀:恆生(00011.HK)稅後利潤遜預期 維持中性評級目標112元
瑞銀研究報告指,恆生銀行(00011.HK)上半年淨利潤按年跌34.6%至62.85億元,顯著低於瑞銀及市場預期。雖然收入及撥備前營業利潤(PPOP)略勝預期,但減值撥備大幅增加,導致盈利不及預期。儘管HIBOR下降,收入仍按年增長2.7%,當中非利息收入升34%可抵消淨利息收入下跌7.4%。營運支出僅按年微增1%,反映良好成本管控,推動撥備前營業利潤增長3.9%。但減值撥備大增2.3倍,信用成本達118個基點,創歷史新高。恆生宣布於6個月內完成30億元股份回購計劃,符合瑞銀預期。
報告提到,管理層對前景保持審慎態度,預期即使利率處於低位,今年下半年貸款需求仍將疲弱,且預期信用損失可能與上半年相若。管理層承諾維持合理且可持續的股東回報,預計全年派息比率將不超過盈利的100%。瑞銀現予恆生銀行「中性」評級,目標價112元。
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