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《大行報告》中金:看好匯控(00005.HK)結構性盈利提升及估值修復機會
阿思達克 02-22 14:22
中金髮表報告,指匯控(00005.HK)去年度業績符合預期,考慮到匯控過去三年在戰略轉型及成本控制方面取得成效,加上有利的利率環境,重申看好該行的結構性盈利提升與估值修復前景。 中金預計,匯控2023年有形股本回報率(RoTE)有望達到14.3%,對應2023年市賬率預測提升至1倍。展望未來,匯控維持2023年淨利息收入達到至少360億美元的指引,管理層表明指引相對保守。 報告指出,匯控去年經調整手續費收入按年跌12.6%,主要由於期內中港股市低迷,令證券經紀與基金銷售收入下降,投行與財務諮詢業務收入亦下跌。中金預計隨着資本市場表現回暖,將有利於今年手續費收入回升,同時經調整非利息收入去年增長7.4%,憧憬今年表現將繼續向好。 由於到預計營收增長較預期,加上資產質量前景改善,中金將匯控2023至2024年盈利預測上調5.4%及3.6%,至221.3億及222.44億美元,維持「中性」評級和目標價69.66元不變。
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