《大行》花旗微降匯控(00005.HK)目標價至105.6元 重申「買入」評級
花旗發表報告,將匯豐控股(00005.HK)2025年基本每股盈利預測下調4%,主要考慮到第二季香港商業房地產較大的減值費用;報表每股盈餘則下調9%,主要是受到對交行大額減值的影響。同時將2026至2027年預期每股盈利預測小幅下調1%。
該行指,對匯控更新後的稅前利潤預測仍比市場預測高出5至7%,受惠於淨利息收入略高,該行預測2025財年為425億美元,而指引和共識約為420億美元,以及非淨利息收入因亞洲財富管理業務持續增長而顯著增加。
花旗預計匯控2025至2027年的有形股本回報率為15.5至17%,高於匯控目標的14-16%和市場預期的15%-15.5%。在調整每股盈測後,目標價從106.2元下調至105.6元,重申「買入」評級。
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