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《大行報告》摩通料匯控及渣打有能力恢復派中期股息 目標價上調
摩根大通發表研究報告,指匯控(00005.HK)今年以來表現分別跑贏渣打(02888.HK)及恆生金融指數12個百分點及15個百分點,主因憧憬恢復派息,以及聯儲局加息機會上升。

摩通指,匯控現時以0.7倍市賬率交投,股東權益報酬率(ROE)為6.4%;渣打以0.4倍市賬率交投,ROE為5.9%。短期而言,該行更傾向渣打多於匯控,主因風險回報、淨息差前景、存款與貸款增長潛力佔優。

不過,摩通指,在2023至24年加息周期,對匯控盈利增速會高於渣打,但在加息周期中,兩公司都可能跑輸本地銀行股,因淨息差和盈利有更大上空間。

該行將匯控目標價由46元升至51元,評級「中性」,渣打則由65元升至68元,評級「增持」。

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