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研報掘金|中金:上調匯豐目標價至102.3港元 兌現高盈利的可見度進一步提升
格隆匯 02-20 16:37
中金髮表報告指出,匯豐控股去年第四季業績小幅高於市場預期,基本符合該行預期。經調口徑下,營收按年增長4.8%至165.04億美元,較該行及市場預期各高出0.3%及3.9%;稅前利潤增長8.1%至73.23億美元,較該行預期低1.7%,較市場預期高8.9%。公司指引2025至2027年均將保持14%至16%的經調口徑ROTE,該行認爲公司在保持盈利穩定、資本充足的情況下,當前股東回報率仍然具備較高的投資價值。該行維持對匯控今年盈利預測基本不變,由於公司淨利息收入有望保持在較高水平,上調明年盈利預測4%至235.39億美元。當前股價對應今明兩年市淨率預測各1.2倍和1.1倍。該行維持對其“跑贏行業”評級,由於公司兌現高盈利的可見度進一步提升,將其目標價上調17.2%至102.3港元。
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