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大行評級|摩根大通:偏好匯控多於渣打 上調目標價並維持“增持”評級
格隆匯 02-18 12:53
摩根大通發表報告,指匯豐及渣打將分別於本週三(19日)及週五(21日)公佈去年第四季業績,預期兩間銀行稅前利潤將按年溫和下跌,其中淨利息收入導致盈利有上望空間,但香港商業物業風險敞口或影響盈利。該行料匯控將交出較渣打更穩定的盈利增長,預計市場將集中於匯控對其重組的指引,料有利淨現值,樂觀情況下可推動今年至2027年毛成本節省30億美元,以及2024年至2027年絕對成本年複合增長率1%,允許匯控在收入下降下,維持每年經調整有形股本回報率13%至14%。該行偏好匯控多於渣打。該行維持對兩者“增持”評級,匯控及渣打港股目標價由分別90港元及112港元,上調至95港元及120港元。
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