《大行報告》瑞銀:匯控(00005.HK)明年指引大致保持穩定 但市場關注其缺乏利率槓桿價值
瑞銀髮表報告表示,匯豐控股(00005.HK)公佈今年第三季經調整除稅前利潤錄65.09億美元,高於市場原預期8%;季內淨利息收入和非利息收入分別高於市場預期各5%和11%,撥備前利潤亦超過市場預期17%。
該行指,匯控現時預期2023年的淨利息收益將至少達到360億美元,較集團於中期業績所述的指引至少達370億美元爲少,認爲集團對明年指引大致穩定。
該行認爲匯控若按美元價格計今年表現令人失望,相信是反映其缺乏利率槓桿稀缺價值,指與最優惠利率掛鉤的存款,在利率趨升下或成爲其2023年香港利息收入的不利因素,令市場憂慮集團旗下亞洲業務增長。
瑞銀表示,市場將在匯控舉行的投資者會議上關注明年淨息差、成本、有形股本回報率逾12%的目標,以及普通股權一級資本比率。而該行維持在倫敦上市的匯控(HSBA.L)「買入」評級及目標價6.8英鎊(約60.24港元。
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