一文综合券商於恒生(00011.HK)公布中期业绩後最新观点及目标价
恒生银行(00011.HK)今早股价持续受压，虽信贷成本低於预期，但净息差及派息逊预期，令投资者忧虑营运前景，恒生盘中曾低见114元曾跌3.7%。恒生昨公布截至今年6月底止中期业绩，营业额272.59亿元，按年跌19.4%。其中净利息收入为147.92亿，按年跌6.69%，净服务费收入为31.75亿元，按年跌8.9%。纯利91.43亿元，按年跌33%，经调整盈利为88.64亿元，跌33.59%为预期低位；每股盈利4.64元。
恒生指，考虑到2019冠状病毒病带来的不明确因素及挑战，以及本地监管机构建议银行应保留资金储备以应对将来潜在的挑战及支持香港之经济活动，集团宣布派第二次中期息0.8元，上半年合共每股派息1.9元，去年同期为2.8元。
【信贷损失高 派息逊预期】
摩根士丹利发表报告指出，恒生上半年税後利润低於该行预期18%，由於净息差、手续费收入及保险销售收入等低於预期，预期信贷损失高於预期，加上物业价值重估录得亏损。第二次中期股息亦减少至0.8元，股本回报率降至10.7%，该行预期股本回报率至2022年将维持10%至11%水平，目标价自110元降至105元，维持「减持」评级。
本网综合7间券商列出对恒生银行最新投资评级及目标价：
券商│评级│目标价(港元)
高盛│买入│160->144元
美银证券│跑输大市│156.08->133元
花旗│沽售│115元
摩根大通│减持│120->109元
瑞银│沽售│109元
摩根士丹利│减持│110->105元
海通国际│跑输大市│104元
-------------------
券商│业绩後最新观点
高盛│香港经济增长料放缓，信贷成本低於预期
美银证券│上半年业绩令人失望，次季净息差及信贷均受压
花旗│净息差受压，派息失望
摩根大通│拨备前利润疲软和信贷成本上升导致业绩疲弱
瑞银│第二季度净息差未完全反映资金压力
摩根士丹利│未来两年净资产收益率疲软，预期信贷损失高於预期
海通国际│派息政策存不确定性
(ta/w)
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