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研報掘金|中金:維持渣打盈利預測、“中性”評級和目標價82.8港元
格隆匯 06-03 15:44
中金髮表研究報吿引述渣打銀行管理層稱,截至2024年首季,公司前十大貨幣加權的市場隱含利率曲線顯示2024年至2025年利率均值分別下降12個基點及39個基點,對於淨息收入的靜態負面影響約9,000萬美元和3億美元。而2024年至2025年短期對沖工具到期、規模增長、資產負債結構優化都有望對淨利息收入帶來正面貢獻。公司對於達到2024年100億至102.5億美元的淨息收入指引以及未來淨息收入保持增長具有信心。該行認為,雖然渣打仍需在經營效率上持續加強,但其區域定位以及收入結構使公司在降息週期中有望更好地受益於非息收入增長,並且享受到新興市場的成長性,料公司今明兩年的股東回報率分別為11%和9%,建議關注其投資機會。該行維持盈利預測、“中性”評級和目標價82.8港元不變。
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