《大行》高盛:匯控(00005.HK)次季核心盈利勝預期 目標價上調至110元
高盛發表研究報告指,匯控(00005.HK)第二季核心盈利較該行及市場預期高出9%及10%,主要受撥備前利潤(PPOP)強勁推動,收入亦超出預期,得益於非銀行淨利息收入表現優異。管理層重申2025年銀行淨利息收入達到約420億美元、成本增長約3%及2025至27年基本股本回報率(ROTE)介乎14%至16%等指引,但將全年信貸成本指引上調至約40基點。
匯控管理層目前預期,若HIBOR維持現時的約1%水平,每月將對銀行淨利息收入產生約1億美元負面影響。高盛將2025至27年各年銀行淨利息收入預測輕微上調至419億、430億及441億美元,較市場預期高出最多4%,2025至2029年每股盈利預測分別上調6%、5%、4%、3%及2%。基於盈利預測上調,高盛將匯控倫敦股目標價由原先1,020便士上調至1,060便士,港股目標價由原先109港元微升至110港元,維持「買入」評級。
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