大摩:上調匯控(0005.HK)明年每股盈利預測 維持與大市同步評級
英倫銀行日前,將容許英國大型銀行恢復部分派息及花紅,前提為銀行有充足資本應付新型肺炎疫情引起的市場波動。摩根士丹利發表研究報告表示,將匯控(0005.HK)2021年每股盈利預測上調0.9%、2022年升3%;由於最新的監管局發佈有關恢復派息公告。大摩預測,股息支付將恢復,但增速以比過去放緩;未來3年的股息分別為15、22、27美仙。
該行指,匯控不利因素依然存在,但風險已基本計入;維持與大市同步評級。匯控在歐洲和亞洲資產負債表強勁,但是由於前景變化和地緣政治風險提高,預計回報會利率承受壓力,2020年有形資產回報率(ROTE)惡化至約3%。第3季的撥備減值放緩,期望預期信用損失(ECL)會繼續改善,但是風險仍然存在;成本控制有望成為一個亮點。在基本情況下匯控值35港元,最牛看41港元、最熊看23港元。
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