一文綜合券商於中銀香港(02388.HK)公布業績後最新目標價及觀點
中銀香港(02388.HK)今早(31日)股價造淡，盤中曾低見27.1元一度下滑4.7%。花旗指中銀去年下半年純利遜市場預期10%，主要因交易收入遜預期及物業資產重估因素。而高盛指中銀去年第四季營運溢利錄60億元，較該行及市場原預期各低10%及9%，主要昃交易收入波動令收入疲弱。
中銀香港昨(30日)收市後公布去年業績，純利按年倒退17.7%至264.87億元，介乎早前本網綜合6間券商預測之區間257.71億元至282.33億元，並低於預測中位數274.83億元。每股盈利2.5052元，派每股末期息0.795元，計及中期股息，全年派息1.242元，派息比率為49.6%。
中銀去年淨利息收入按年倒退14.3%至347.38億元；淨經營收入按年減少8.3%至517.67億元。去年減值準備淨撥備27.07億元，高於2019年的20.22億元。中銀香港財務總監隋洋表示，去年HIBOR及LIBOR大幅下降，對淨息差的負面影響相當大，至去年第三季及第四季收窄幅度方放緩。她指現時利率水平仍維持去年第四季度水平，料美元利率低及本港流動性充裕下，低息環境仍將維持。
【下半年純利遜 交易收入欠佳】
匯豐環球研究發表報告指，中銀香港去年每股利按年跌17.7%，低於該行及市場原預期各2%及5%，去年營運溢利輕微高於該行原預期0.8%，但來自來物業資產重估非營運虧損大於預期。該行指中銀去年業績體中性，從長期而言，該行仍看好中銀的分行網絡、資本水平及淨息差潛在擴闊，重申對其「買入」投資評級，上調對其目標價由31.1元升至31.8元。
花旗發表報告表示，中銀香港去年下半年純利錄113億元按年跌25%，遜於市場預期，主要是期內收入按年跌12%(按半年跌10%)，因交易收入較市場低約4%，指其派息比率49.6%(對比2019年為50.5%)，股息回報約4.4%及股本回報率9.05%。該行指中銀去年業績正面因素包括淨息差及淨利息收入回穩、撥備支出較預期少，但負面因素為交易收入遜預期及物業資產重估因素。該行料預期隨著新冠疫情受到控制，商業地產估值穩定下，維持中銀「買入」投資評級，目標價32.5元。
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本網最新綜合4間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
高盛│買入│35.5元
瑞銀│買入│34元
花旗│買入│32.5元
匯豐環球研究│買入│31.1->31.8元
券商│觀點
高盛│去年第四季收入疲弱，但經營成本及收入管理得宜
瑞銀│去年下半年盈利遜預期，受物業重估及非利息收入所影響
花旗│去年下半年利息收益率穩定，資產質素恢復力強
匯豐環球研究│來物業資產重估非營運虧損大於預期，營運溢利輕微高於預期
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