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《大行報告》摩通上調匯控(00005.HK)及渣打(02888.HK)目標價 評級「增持」
摩根大通發表研究報告指,匯控(00005.HK)及渣打(02888.HK)年初至今股價累升約25%,跑贏香港本地銀行表現約5個百分點,並較同期恆指表現高21個百分點。 報告認為,匯控及渣打跑贏主要是由於利率前景改善,現時預計至2022年底美國將加息5次,英國息率將達到1.25%,預期利好因素尚未完全反映股價上。匯控及渣打現價水平為2022年賬面價值約0.8倍及0.5倍,低於上一個利率週期水平,但估計市場對增長風險及資產質量的擔憂,可能會阻礙匯控及渣打的股價表現。短期內渣打可能在提高資本回報率及估值方面有更多增長空間,中期而言看好該兩家銀行。 摩通預測,渣打去年第四季至2024年累計回購額將達到26億美元,匯控料每年回購20億美元的股票。在成本方面,由於通脹水平更高,該行預期渣打的成本每年增長4%,匯控2022財年成本指引未見風險,但中期成本有上升空間。 該行對匯控維持「增持」評級,目標價由60元上調至68元,預期2021年每股派息為24美仙,並於2022至2024年增至25、30至31美仙。摩通亦將渣打目標價由57元上調至68元,評級「增持」。
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