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《大行》瑞銀降恆生(00011.HK)評級至「沽售」 下調目標價至102元 料全年股息下跌
阿思達克 08-01 10:09
瑞銀研究報告指,將恆生銀行(00011.HK)評級由「中性」降至「沽售」,目標價由112元下調至102元。瑞銀指,恆生上半年淨利潤按年大跌34.6%,信用成本創新高,導致業績遜於瑞銀及市場預期。管理層在業績會議中維持審慎態度,指引下半年預期信用損失(ECL)將與上半年相若,意味2025全年信用成本可能超過100個基點。 考慮到香港商業地產的風險敞口爲恆生帶來的撥備壓力,將2025至26年每股盈利預測下調12至18%,並預期即使派息比率可能提升至90%以上,2025年每股股息仍難維持穩定,料2025年股息爲6.2元,而去年爲6.8元。另外,瑞銀指30億港元股份回購計劃符合預期,若明年貸款需求持續疲弱,可能會擴大回購規模。
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