大行評級|摩根大通:上調匯豐目標價至115港元 預計表現將跑贏渣打和香港本地銀行股
摩根大通發表研究報吿指,匯豐及渣打年初至今股價分別累升19%及25%,對比同期恒指升幅為約21%,發現投資者愈來愈擔憂美國增長風險對息口走勢的影響,進而影響兩間銀行的盈利前景和估值。該行敏感性測試結果顯示在大幅降息、手續費收入降低以及信貸成本上升的壓力情景下,匯控及渣打2025年的權益税後回報率可能降至11.6%及8.7%,預期會對股價表現帶來壓力。由於整體回報率更高,摩通預計匯控表現將跑贏渣打和香港本地銀行股,但可能不及國有銀行。摩通將匯控2025至2027手續費及其他收入預測上調2%、4%及4%,淨利潤預測上調2%、2%及3%,目標價從108港元上調至115港元,評級“增持”。
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