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一文綜合大行於中銀香港(02388.HK)公佈首季績後最新目標價及觀點
中銀香港(02388.HK)今早股價抽上,盤中曾高見30.5元一度彈高6.5%,最新報30元上揚4.7%。高盛表示中銀首季營運溢利94.26億元按年升1%,高於該行原預期24%,主要受淨利息、手續費及交易費業務各項業務推動收入表現所致,總體不良貸款比率亦低於預期,重申對其「確信買入」名單,上調目標價由38.7元升至40元。 中銀香港上週五(4月29日)收市後公佈,其首季集團提取減值準備前的淨經營收入142.24億元,按年增長6%,按季升25%;提取減值準備前的經營溢利103.49億元,按年升7.2%,按季升53.7%。 中銀期內計入外匯掉期合約的資金收入或成本後的淨利息收入爲85.37億元,按年增長4.1%;淨息差爲1.08%,按年下降3點子。該行首季減值準備淨撥備爲9.23億元,按年上升6億元,主要由於季內有個別公司客戶的內部評級下降,以及疫情下宏觀前景不確定性增加等引致撥備增加。 【季績勝預期 收入增長強】 高盛表示,中銀香港首季營運溢利達到對其原先上半年預期62%,爲反映首季績佳,決定上調對中銀2022年信貸增長預測由4.4%升至8%。而摩根大通表示,中銀香港首季提取減值準備前的經營溢利(PPOP)及營運溢利均優於該行及市場預期,受到收入強勁趨勢所推動,重申對其「增持」評級及目標價35.4元,指未來12至18個月風險與回報比率吸引。 花旗指中銀首季撥備前營運溢利錄自2020年第二季以來最高水平,季內營運溢利94億元按季升52%(按年升1%),主要是收入勝預期所動,指手續費及交易業務收入各高預期17%及78%,指淨利息收入按季升3%(按年升2%),優於該行預期,受益於貸款增長及淨息差擴闊,相信市場會對其首季業績反應正面,維持「買入」評級及目標價34.8元。 --------------------------------- 本網列出7間券商予中銀香港最新的投資評級及目標價: 券商│投資評級│目標價(港元) 高盛│買入「確信買入」│38.7元->40元 摩根大通│增持│35.4元 花旗│買入│34.8元 匯豐環球研究│買入│34.5元 瑞銀│買入│34元 美銀證券│買入│32.8元 摩根士丹利│與大市同步│30元 高盛│首季營運利潤增長勝預期,營運支出符預期 摩根大通│儘管信貸成本較高,但強勁收入帶動首季經營業績優於預期 花旗│首季營運利潤增長強勁勝預期,營運支出控制得宜 匯豐環球研究│首季淨息差擴大及資產質量具彈性 瑞銀│首季強勁淨交易收益支持營業利潤勝預期 美銀證券│料淨息差及盈利可持續改善 摩根士丹利│得益於強勁收入首季業績及交易收入穩健
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