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花旗:重申對恆生(0011.HK)買入評級 目標價179港元
格隆匯 02-18 15:38

花旗研報指,恆生(0011.HK)2019下半年的税前盈利129億元(港元.下同),較該行及市場預期為少。收入錄211億元,亦低過預期;營運開支則大致符合預期。2019財年的每股派息為8.2元,按年增長9%,超出市場預期,派息比率64%。普通股權一級資本比率為16.9%,按半年增長50個基點。

該行列出恆生是次業績中主要的負面因素,包括2019下半年的淨利息收益率為2.19%,差過市場預期;費用收入較上半年下跌15%,主要是受到財富管理相關費用收入所拖累;貸款損失率為28個基點,較市場預期的22個基點為高,而不良貸款率則按半年大致維持在22個基點。在正面因素方面,公司下半年貸款增長按年增長7.9%,略高於市場預期;雖然宏觀經濟疲弱,但在強勁的資本狀況支持下,公司仍能維持好過預期的每股派息。

花旗相信,隨著恆生2019財年的盈利表現欠佳,市場會對其每股盈利預測作低單位數的下調,若計及經濟受新型冠狀病毒影響而有進一步預期信貸損失,則會將未來數年的每股盈利作中單位數下調。然而,長期投資者應關注公司的穩定性及派息收益率不斷提高,重申其“買入”投資評級,目標價179港元。

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