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《大行報告》星展升匯控(00005.HK)目標價至74.6元 在減息周期中屬股息回報穩固股份
星展發表報告指出,匯豐控股(00005.HK)去年業績遜預期,對交行(03328.HK)意外出現減值損失30億美元,核心盈利大致符合預期,公司維持2024/2025財年股息率穩健。 此外,該行預期美國聯邦基金利率將於今年下半年開始下行周期,料對今明兩年的香港銀行(包括匯控)將面臨淨息差下行壓力。同時,該行料當利率降低時,貸款量將出現更強勁的增長。信貸成本預期整體與去年相似,約為貸款總額的36至37點子。 整體而言,該行預計今明兩年經調整盈利與去年相比的上行空間有限。 該行估計,匯控預計將實現約15%的有形股本回報率(RoTE)目標,並預計2024/2025財年的ROTE約為14%至16%。該行將匯控今明兩年盈利預測下調7%及11%,重申對其「買入」評級,目標價由71.7元上調至74.6元,認為匯控為減息周期中屬股息回報穩固的股份。
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