一文綜合大行於匯控(00005.HK)公布季績後最新評級、目標價及觀點
匯豐控股(00005.HK)公布首季業績遠勝預期，今早股價曾上揚近3.2%一度高見47.45元，最新報47元升2.2%。瑞銀指，匯控今年首季經調整除稅前純利高於集團原先指引47%，主要是收入理想、淨信貸損失準備錄得回撥因素所推動。
匯控昨(27日)中午公布首季列賬基準除稅前利潤按年增長79%至57.79億美元，遠高於本網早前綜合3間券商的預測上限36.93億美元。純利按年增長1.17倍至38.8億美元，每股盈利19美仙。季內列賬基準收入按年減少5.1%。盈利按年顯著增長主要由於季內錄得預期信貸損失撥回4.35億美元。
集團首季普通股權一級資本比率15.9%，高於去年同期14.6%。期內淨利息收益按年倒退14.4%至65.14億美元，淨利息收益率1.21%，較去年同期的1.54%收窄33點子。首季財富管理及個人銀行經調整除稅前利潤按年增長1.78倍至19.14億美元。匯控不擬派發季度息，並將於8月公布中期業績時考慮是否派發股息。匯控行政總裁祈耀年表示今年為過渡期，將視乎次季業績決定是否派中期息，並指今年沒有回購計劃，對集團儲備持審慎態度。
【首季業績遠勝預期 高盛瑞銀升目標價】
摩根士丹利發表報告表示，維持匯控「與大市同步」評級及46元目標價不變，但上調今年每股派息預測至24美仙，反應資本狀況受惠盈利增長。該行認為，匯控首季錄得預期信貸損失回撥，是反映尤其英國市場的全球經濟展望改善，非利息收入亦因投資分配費用及強定的投資市場表現所帶動，以及英國附屬表現強勁。該行上調對匯控今年稅後盈利預測23%，反映預期信貸損失減少；同時上調撥備前溢利2.7%，以反映成本預測輕微下調。該行亦上調對匯控全年實質每股純利預測23%。
高盛表示，維持對匯控「買入」投資評級，目標價由57元上調至59元。該行認為匯控有多項潛在因素推動市場提升盈利預測，當中包括信貸成本減少，收入增長及成本固定。其中管理層預計今年信貸成本少於32億美元，少於市場共識的44億美元，足以上調對其全年核心除稅前溢利預測最少8%。匯控管理層亦指零售及批發有累積信貨需求，且預期今年餘下時間信貸需求轉強。該行料匯控淨息差穩定及資產負債表增長5%，已意味收入勝預期。該行亦預期，匯控旗下歐美零售營運成本節省將超出指引。該行上調對匯控今年核心每股盈利預測16%。
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本網最新綜合8間券商對其投資評級及目標價，1間券商上調投資評級，4間券商上調目標價。
券商│投資評級│目標價(港元)
高盛│買入│57元->59元
海通國際│中性->跑贏大市│45元->52元
美銀證券│中性│49.63元->50.61元
瑞銀│中性│47元->48.5元(430便士->450便士)
瑞信│中性│約47.4元(440便士)
花旗│中性│約46.32元(430便士)
摩根士丹利│與大市同步│46元
摩根大通│減持│43.1元(400便士)
券商│觀點
高盛│將受惠經濟復甦
海通國際│收入及信貸成本展望良好
美銀證券│經濟復甦帶動首季業績
瑞銀│首季業績受收入及信貸滅值推動，關注未來增長空間
瑞信│對信貸增長樂觀
花旗│收入增長動力改善，承諾控制成本
摩根士丹利│盈利正常化較預期提早
摩根大通│非利息收入及減值回撥推動首季業績，但淨息差及資本充足率進展有限
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