大行評級|摩根大通:維持匯豐英股“中性”評級 市場將對撥備前利潤及前景感到滿意
摩根大通表報告表示,匯豐控股公佈去年業績,指營運業績強勁將推動今年每股收益上升個位數的中段預測,該集團預計2025至2027年期間ROTE目標爲15%左右,中期普通股權一級資本比率目標範圍維持不變,爲14至14.5%。另一方面,該行策略更新在影響力和透明度方面可能會令人失望,特別是2027年的成本節約計劃有限,僅爲15億美元(2026財年的重組費用爲18億美元),預計員工成本將減少約8%,對收入的影響不大。考慮到根據該行討論,最低淨成本節約20億美元以上的預期範圍內的積累,而15億美元的成本可能會被視爲令人失望。該行指,市場將對撥備前利潤的表現和前景感到滿意,料將掩蓋重組計劃的影響,儘管這將使匯控今日所公佈業績黯然失色。此外,該行認爲,有關配置的問題將成爲關注的重點。摩通表示,維持對英倫敦上市的匯控維持“中性”評級及目標價7.8英鎊(約合76.57港元)。
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