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《大行報告》美銀證券降匯控(00005.HK)評級至「跑輸大市」 料重組道路慢長
阿思達克 12-07 10:48
美銀證券發表報表示,下調匯控(00005.HK)投資評級,由「中性」降至「跑輸大市」,維持匯控在本港上市的目標價41.93港元。該行指,匯控股價自年底最低位至今已累積回升50%,指估值已較高。

該行指,匯控可藉旗下1萬億美元的經常賬戶,享受利息上升的收益。但是除非美聯儲局改變目前指引,料直到2023年美聯儲將不會上調息率。匯控目前預測2022年市盈率為12倍,對比同業銀行8倍。

美銀證券認為,匯控處於複雜重組的初期及道路慢長,料集團首要是減少在歐美的投資。但是該行料集團至2023年才能實現成本下降,而減少風險加權資產(RWA)將可以實現股票回購。

據匯控管理層的評論,該行料集團將法國零售和美國零售業務視為可能的出售對象,但基於相關業務無利可圖,料即使出售能實現的所得資本亦有限。

美銀證券預計英倫銀行可能最早在12月11日取消對銀行派股息的禁令,但該行認為這已經為市場所消化。該行料匯控未來將可恢復派息,但在此階段,認為匯控未來股息的規模更為重要,但該行料其2022年股息回報比市場共識低40%,並指若匯控2021年的股息回報低於3厘,匯控估值屬較高水平。

該行料匯控於2020年至2022年每股股息各0.12美元、0.16美元及0.2美元,料股息回報各2.09厘、2.78厘及3.48厘。

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