《大行》大摩:高信貸減值撥備拖累恆生(00011.HK)中期純利表現遜色
摩根士丹利發表研究報告指,恆生銀行(00011.HK)中期淨利潤錄68.8億元,按年下跌逾30.5%,較市場普遍預期遜色,主要受到高信貸減值撥備損失所導致。撥備前利潤較大摩預測低2.7%,但較市場預期高9%。
期內恆生淨利息收入遜於大摩預期,但較市場預期高1%。受貸款餘額減少及市場利率下行影響,淨息差收窄至1.99%。貸款較去年下半年跌2%,存款則升3%。中期非利息收入勝預期,恆生歸因於經紀及財富管理費用表現強勁。
大摩指出,恆生信貸減值撥備規模大幅超出預期,相信是由於香港商業地產敞口撥備增加。期內不良貸款率升至6.69%。該行認為,恆生整體中期表現弱於預期,考慮到香港商業地產行業陰霾未散,仍維持對其「減持」評級,目標價93元。該行宣布將進行高達30億元的股份回購,預料在六個月內完成,大摩認為符預期。
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