一文綜合券商於渣打(02888.HK)公佈季績最新評級、目標價及觀點
渣打集團(02888.HK)昨公佈首季業績勝市場預期後股價彈高10.4%,今早股價靠穩。花旗表示渣打首季基本除稅前溢利按年升4%至15億美元,優於市場預期約38%,指淨息差表現強勁,並表示普通股權一級資本比率亦優於預期。
渣打公佈今年首季法定除稅前溢利按年升6%至14.92億美元;基本除稅前溢利按年升4%至15億美元,高於美銀證券原預期的9.97億美元。法定表現經營收入按年升9%至42.92億美元,亦高於美銀預期的39億美元。季內信貸減值2億美元,當中包括1.6億美元與中國商業房地產相關的風險敞口,及1.07億美元斯裏蘭卡主權評級下調的影響。季內有形股東權益回報率按年升30基點至11.1%。
渣打預期全年收入增長將輕微超過早前所訂的5%至7%指引範圍,經營支出將略高於早前所估算的107億美元,因預期收入增加帶動與表現掛鉤薪酬支出增加,但仍預期可實現正收入與成本增長差。另外,渣打截至首季普通股權一級資本比率達13.9%。渣打早前曾表示,若盈利持續回升至普通股權一級資本比率在13%至14%,便可加大力度回饋股東。
【季績勝預期 資本比率強】
摩根士丹利表示,渣打季度收入顯着勝預期,受惠更佳的金融市場收入,主要爲宏觀交易帶動,同時錄得8,500萬美元債務價值調整及9,400萬美元結構性融資收益。淨息差及淨利息收入同時勝市場預期,普通股權一級資本比率達強勁的13.9%,今年收入將可能超出目標。該行指公司管理層有信心股本回報率在2024年或更早超逾10%。該行予渣打「與大市同步」評級,目標價58.5元。
瑞銀指,渣打首季稅前溢利如扣除債務價值調整,較市場共識高三成。撥備前溢利亦較市場預期高24%,普通股權一級資本比率較市場預期高60點子,受風險加權資產減少。該行又指,美國每加息1釐,渣打淨利息收入便增加13億美元,相等於渣打2021年淨利息收入兩成。認爲市場對渣打業績預估有上望空間。該行視渣打爲英國國際銀行中首選,給予「買入」評級及73.2元目標價。
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本網最新綜合3間券商對其投資評級及目標價,未有券商調整評級或目標價,2間給予「中性」或「與大市同步」評級。該股在業績公佈後上升,最新報52.65元,較昨日中午收市48.6元升8.3%。
券商│投資評級│目標價(港元)
瑞銀│買入│73.2元
花旗│中性│62.7元
摩根士丹利│與大市同步│58.5元
券商│觀點
瑞銀│盈利及資本顯着勝預期,爲國際銀行首選股
花旗│季度受收入強勁推動,資本受風險加權資產優化提振
摩根士丹利│季度收入強勁,普通股權一級資本比率強勁
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