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《大行報告》瑞銀升匯控(00005.HK)評級至「買入」 目標價上調至51.9元
阿思達克 10-07 09:54
瑞銀發表研究報告,指市場在憂慮利率前景、內地相關房地產市場、重組、地緣政治等因素下,匯控(00005.HK)自2019年中以來,股價已跑輸大市約50%;但考慮短期盈利,該行相信匯控財務表現明年將轉勢,現時估值吸引;以及倘利率上升情境下,匯控估值格外吸引。 報告指出,以明年預測市盈率計,匯控目前估值較歐洲銀行板塊折讓14%,即使未來利率沒有上升,匯控短期仍有上行空間,料至明年撥備前盈利有10%增長,主要受成本減省及資本重組帶動;瑞銀並料匯控公布第三季業績時將有20億美元回購,反映資本負債表實力。報告並認為市場對內地房地產市場敞口過度憂慮。考慮更高利差收入預測及撥備減少預期,瑞銀上調匯控2021至2023年每股盈測約10%,投資評級由「中性」升至「買入」,目標價由48.5元升至51.9元。
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