大行评级丨瑞银:汇丰控股第四季业绩表现强劲,评级“中性”

中金财经
Feb 26

  瑞银发表研报指,汇丰控股去年第四季业绩表现强劲,撇除重大项目的除税前利润较市场普遍预期高出9%,收入较预期高3%,净利息收入高出6%(剔除一次性项目后高出5%),而手续费及其他收入低于预期1%,经营开支符合预期,信贷减值则较市场预测低12%。期内普通股权一级资本比率为14.9%,高过市场预期。计及私有化恒生影响,备考普通股权一级资本比率则为13.8%。   瑞银指,集团确认是次收购恒生后对普通股权一级资本比率的净成本影响为110个基点,较预期好,预期至2028财年可带来9亿美元收益,相关重组成本则为6亿美元。瑞银认为,是次交易对汇控增加香港银行业务的敞口及简化集团架构具有重要意义。汇控宣派第四次季度股息每股45美仙,继续暂停股份回购,符合市场预期。瑞银予汇控评级“中性”,港股目标价140.6港元,伦敦上市目标价1309便士。   

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