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大行評級|美銀:下調恒生銀行目標價至91.6港元 評級一舉降至“跑輸大市”
格隆匯 08-01 10:32

美銀證券發表報吿指,恒生銀行上半年純利按年上升0.7%至96億港元,較該行預期高出0.6%,較市場預期高出6.7%。核心盈利按年上升1%至129億港元,較該行預期低出3.7%。不良貸款比率從去年下半年的2.83%急升至5.32%,為歷史最高水平。普通股權一級資本比率(CET1)較去年底下跌1.6個百分點至16.6%,削弱股票回購計劃的可持續性。

美銀指,由於預期美聯儲減息及撥備增加,將2024至2025年盈利預測下調12至16%,目標價由原先103.5港元降至91.6港元。考慮到香港商業房地產貸款風險及不良貸款覆蓋率偏低,將評級由“買入”一舉降至“跑輸大市”。該行相信恒生香港商業房地產的9.6%不良貸款比率反映該行審慎分類,但擔心若美聯儲減息步伐較預期緩慢,或香港經濟進一步轉弱,其信貸成本可能會上升。

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