花旗:予汇控(0005.HK)“沽售”评级 第三季业绩逊预期
花旗发表的研究报告指,汇控(0005.HK)
第三季每股盈利表现符该行预期,但就较差过市场预期,期内税前溢利53亿美元差过市场预期,而经调整收入亦低于市场预期,而汇控对前景看法较审慎,除放弃了2020年有形股本回报11%的目标,亦承诺在公布末期业绩或之前重组。
该行指出由于汇控第三季税前溢利逊预期,加上管理层警告收入方面阻碍增加,而第四季或之后将有潜在的大型开支,考虑相关因素加上市场不确定性等,予汇控“
沽售
”评级。该行指出期内汇控净利息收入按季跌3%,与该行及市场预期相差2%及3%,而净息差按季收窄6个基点至1.56%,而集团贷款按季持平、按年则升4%至197亿美元,如按固定汇率计算客户贷款则按季升2%。汇控财富管理业陂收入分别按年及按季跌6%及13%,主要受人寿保险业务弱势拖累,而环球银行及资本市场业务亦呈弱势,收入按年及按季分别跌23%及4%。
花旗指出在期内经营开支表现好过预期,按年及按季分别跌2%及7%,较该行及市场预期少7%,惟贷款损失拨备则按年增4亿美元,逊市场预期。汇控不再预期2020年有形股本回报高于11%的目标,并指收入增长展望较上半年预期疲弱,但就承诺在2019财年业绩或之前公布新的财政目标,而正在规划的新重组计划或会在第四季及之后带来重大开支。
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