《大行報告》美銀證券升渣打(02888.HK)目標價至65元 重申「買入」評級
美銀證券發表的研究報告指,渣打(02888.HK)宣布2.54億美元回購計劃後,將其2021-23年回購預測額外增20億美元,意味2023年或之前每股盈測升8%,將目標價升至65元,重申「買入」評級。
該行認為在股本回報率未夠高的情況下,渣打將繼續受壓,管理層已令成本受控,但由於見到增長機遇故未有尋求削減成本,該行預計2022年集團收入增長將重拾5%或以上,但如無削減股本,渣打不能達到其資金成本,相信到年中英倫銀行或撤派息禁令而渣打將即時推回購。
該行認為渣打CET1水平13%雖為其目標的下端,但仍可健康營運,但其要求是基於英倫銀行過嚴的壓力測試,認為不代表渣打需要持有相關水平的資本應對不太可能出現的虧損,而CET1水平低於13%,短期或會為令評級機構作出考量,但據該行近期的預測,渣打的CET1水平料不會跌低於14%,故存在額外回購14%的潛力。(el/k) ~
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