智通财经APP获悉，摩根大通发布研报称，汇丰控股(00005)周四(9日)发公告，拟以协议安排方式将同系恒生银行(00011)私有化，每股作价155港元。上述交易将令汇控的普通股权一级资本(CET1)比率下降125个基点，为维持比率在指引范围内，汇控将在公告后的三个季度暂停股份回购。小摩预计，短期内汇率可能会下跌中单位数百分点，若股价反应过度，则视为累积机会，给予汇控“增持”评级，目标价122港元。
该行估计，私有化恒生将减少约70亿美元的回购，预计2026年第二季度末的CET1比率为14%，长远而言私有化可能带来正面影响。 即使不考虑收入协同效应或成本优化，预计2027年每股盈利及每股股息可较基准预测分别高出1.5%及3.1%，主要由于剔除恒生银行的少数股东权益。值得注意的是，汇控披露其2024年香港业务的有形股本回报率为38%，而恒生同期仅报11%的股本回报率。
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