《大行》花旗降恆生銀行(00011.HK)目標價至131元 維持「買入」評級
花旗發表報告指出,根據恆生銀行(00011.HK)上半年業績,將2025財年每股盈利預測下調24%,主要受信貸成本上升及因HIBOR預期降低導致的淨利息收入減少。同時,花旗將恆生銀行2026財年至2027財年每股盈利預測上調1%,主要由於宣布的30億港元股份回購、較佳的非利息收入及較低的營運支出,但部分被更保守的信貸成本假設抵銷。
該行預測恆生銀行2025至2027財年信貸成本分別為110基點、60基點、45基點。隨著盈利預測調整,該行將目標價從135元略降至131元,相當於預測明年市賬率1.5倍,維持「買入」評級。
花旗料恆生銀行今明兩年淨息差各為1.91%及1.97%。
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