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《大行報告》瑞信:渣打(STAN.L)上季核心稅前盈利遜預期 資本及股息分派優預期
阿思達克 02-16 14:50
瑞信發表研究報告指,渣打(STAN.L)上季核心稅前盈利遜於預期,而資本及股息分派則優於預期。該行提到,集團上季業績受到所持渤海銀行(09668.HK)權益3.02億美元減值的影響,調整後的基礎稅前盈利低預期13%。該行認為,在更好的金融市場業績的推動下,經調整撥備前盈利高預期1%,淨利息收入(NII)則遜預期2%。 積極因素是資本好於預期,股息和回購規模高於預期,淨利息收入和減值損失仍是負面因素。雖然該行預計,淨利息收入遜預期可能會影響到今明兩年的收益預期,但資本超預期40個基點已相當於股價的4%。在指引和目標方面,明年有形股東權益回報目標逾11%,今年則接近10%。 該行表示,集團為其中國房地產投資組合準備了8.22億美元的撥備。高風險資產按季增長8億美元。集團又宣布,即將開始10億美元的股票回購。最終派息為14美仙,好於預期,市場普遍預期為12美仙。該行予集團英股「跑輸大市」評級,目標價525便士。
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