《大行》摩通升匯控(00005.HK)目標價至122元 評級「增持」
摩通發表報告指,匯控(00005.HK)股價自2025年第二季業績公布後下跌5.1%,表現遜於同期恆生指數(下跌3.6%),儘管剔除一次性項目的稅前利潤超出市場預期10%。該行認為,市場失望情緒部分源於對交通銀行意外減值10億美元的擔憂。
該行維持對匯豐的積極看法,第一是匯豐仍持有140億美元的資本門檻扣減餘額,這意味著即使關聯公司即對交行進一步減值高達140億美元,對股息、資本和股票回購的影響也將有限。其次,管理層對其數字資產策略提供了一些指引,顯示銀行正為全球數字資產擴張加速的潛在顛覆做好準備。第三,收入表現比預期更具韌性。
該行將匯控2025/2026/2027年正常化每股盈利預測上調4%/3%/3%。同時估計未來12個月總股東回報率將達到9.7%,在粵港澳大灣區金融機構中居首。目標價由118元升至122元,評級「增持」。
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