《大行报告》瑞银:汇控(00005.HK)次季经调整税前溢利高预期 受惠拨备及资本表现较佳
瑞银发表报告表示,汇丰控股(00005.HK)今年第二季经调整除税前溢利56亿美元,高于市场原预期的47亿美元,该行计入包括数项项目后的经调整除税前溢利高于市场原预期11%,主要是拨备支出较低,并指其资本表现较佳;该行指汇控收入比市场预测低3%、非利息收入下降7%,净利息收入增长1%,然而净息差持续下降。
该行指,汇丰控股提出了将派息比率目标设定在40%至55%范围内,该行认为对集团信贷质量的前景更加清晰。根据该行目前的每股收益估计和中档派息率,汇丰将提供股息回报5.3厘,略低于行业平均6厘水平。
瑞银表示,汇控目前估值相当预测2022年市盈率8.8倍、有形资产净值的0.7倍、有形股本回报率的7.8厘,该行予在伦敦上市的汇控「中性」投资评级及目标价450便士。
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