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大行評級|摩根大通:關稅下匯豐對比渣打提供更佳風險回報 予“增持”評級
格隆匯 03-07 15:14
摩根大通報告指,該行近期就匯控進行的一場路演中,投資者憂慮匯控的基本因素,包括重組執行及交出14%至16%有形股本回報率的能力較低。討論主要在匯控能否達到市盈率重估,以及其與渣打的估值對比。該行目前予匯控108港元目標價,爲預測市賬率1.3倍,若按已發展市場同業比較,其估值可達預測市賬率1.5倍,評級“增持”。該行認爲渣打交出更佳的增長趨勢,但匯控交出更佳的盈利與股東回報清晰度,基於關稅的不確定因素,相信匯控提供更佳的風險回報。
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