高盛：上調匯控(0005.HK)、渣打(2888.HK)目標價 評級維持買入
高盛發表研究報告表示，認為英倫銀行很大機會容許準匯控(0005.HK)及渣打(2888.HK)恢復股息，最早將於12月11日開始。該行將匯控目標價由51港元升至52港元；渣打目標價由54港元升至55港元；並將匯控及渣打的今年每股盈利預測上調1%及2%，2021及2022保持不變。
該行預計匯控及渣打2020年第4季及下半年銀行每股派息分別為0.1美元及0.15美元，但隨著盈利和宏觀經濟改善，預計在匯控2021至2022年增加每股派息至0.3美元及0.4美元；渣打則為0.25美元及0.33美元；並期望回購從2021年開始。報告表示，鑑於2間銀行的多餘資本，計入2021至2022年匯控各回購10億美元及35億美元，渣打兩間或回購10億美元；其一級資本核心(CET 1)比率15.6%及14.4%，而匯控及渣打管理層的目標範圍分別為14.0-14.5%，13%-14%。
該行指，儘管匯控及渣打從9月25日的低點反彈了約50%，繼續維持買入。英倫銀行容許恢復派息可能是一個積極的催化劑，並對這2間銀行股息/資本回報率看法優於大市，強勁的資本狀況和不斷擴大的業務盈利。該行強調指出，儘管從低點反彈，意味2022年股息收益率仍為20%以上的上漲空間，該行的估計意味匯控及渣打在2022年期間將總計各有9%及10%的資本回饋股東。
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