《大行》華泰證券升匯控(00005.HK)目標價至112.25元 維持「買入」評級
華泰證券發表報告指,經調口徑下(固定匯率且扣非後口徑),匯控(00005.HK)上半年營收按年增長5.7%,稅前利潤按年增長5.1%,增速較首季增長1.5個百分點、下跌3.8個百分點。公司確認對交通銀行的攤薄和減值虧損合計21億美元,交行減值計提對資本及分紅不造成影響,但對reported口徑利潤造成擾動。董事會已通過派發第二次股息每股0.1美元,擬展開最多達30億美元的股份回購。鑒於公司組織架構調整提升營運效率,維持「買入」評級。
該行指,匯控第二季預期信貸損失按年增加7億美元至11億美元,反映香港商業地產仍有壓力,同時指引2025年信用成本約0.4%。
由於公司非息增長動能強勁,但撥備計提增加,該行預測2025至2027年每股盈利預測值分別為1.23美元、1.28美元及1.34美元,較前值預測分別持平/持平/+1%,並認為公司財富管理前景廣闊,給予2025年目標市賬率1.25倍,目標價由98.19元升至112.25港元。
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