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摩通:渣打(2888.HK)风险回报稍胜 汇控(0005.HK)股价上行空间有限
格隆汇 10-08 17:33

摩根大通发表研究报告指,过去三个月,汇控(0005.HK)及渣打集团(2888.HK)股价分别调整19%及15%,双双跑输大市,虽然最近香港及英国的劳工市场前景改善,但认为汇控股价上行空间有限,主要受累于地缘政治风险和派息不确定性。

摩通认为,渣打前景较佳,预期在非利息收入带动下,集团拨备前盈利可望复苏,而其来自不同地区的多元化收入,亦令渣打较少受到中美贸易摩擦影响,再者渣打风险回报亦较平衡,因此推介渣打多于汇控,予汇控目标价33.5港元,投资评级为“中性”,渣打目标价则为49港元,评级为“增持”。

摩通指出,虽然市场利率于今年第三季回稳,但净利息收入压力持续,预期两行不会于今年恢复派息,而最近疫情于欧洲及英国等地重新爆发,也对宏观复苏带来影响,并增加银行派息方面的政策风险。摩通认为现时“捞底”汇控为时尚早,并预期汇控不会大幅收缩其美国业务规模

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