智通财经APP获悉，摩根大通发布研报称，中银香港(02388)2025年度业绩符合预期，营运前利润增长被较高信贷成本所抵销。该行微调其2026/27年度盈利预测1%/-1%，维持“中性”评级，目标价43.3港元不变。
该行指，中银香港2025年度净利润401亿元，同比增长5%，略低于该行预期0.3%，年化股本回报率为11.5%，受惠于拨备前利润增长9%，但部分被较高信贷成本所抵销。公司宣派末期息1.255港元，2025年派息比率为56%，高于2024年的55%。2025年第四季信贷成本上升至74个基点，全年为49个基点，高于2024年的30个基点，主要因为中国内地及香港房地产贷款拨备增加，分别占总贷款的4.4%及14.6%。
摩通认为，中银香港营运趋势及2025年度派息政策与市场预期相若。超过5%的股息收益率虽不吸引但足以支撑股价，而新批准的股东回报计划或会提高市场对2026年8月中期业绩前回购或特别股息的预期。
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