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《績後》一文綜合券商對中銀香港(02388.HK)公布業績後最新評級、目標價及觀點
中銀香港(02388.HK)股價上升,最新升5%報42.58元,盤中曾高見42.84元。花旗報告指,中銀香港在業績簡報會上表示,其董事會已原則上批准為期三年的股東回報計劃框架,更多詳情將於上半年業績公佈時披露。該計劃將考慮多種股東回報方案,例如派息比率、回購及特別股息。報告亦指,中銀香港管理層確認對中東地區直接風險敞口有限,且在私募信貨無直接風險敞口。假設外...
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《績後》一文綜合券商對中銀香港(02388.HK)公布業績後最新評級、目標價及觀點
Recommend
46
Positive
66
Negative
40
 
 

中銀香港(02388.HK)  +0.940 (+2.196%)    Short selling $184.48M; Ratio 25.162%   股價上升,最新升5%報42.58元,盤中曾高見42.84元。花旗報告指,中銀香港在業績簡報會上表示,其董事會已原則上批准為期三年的股東回報計劃框架,更多詳情將於上半年業績公佈時披露。該計劃將考慮多種股東回報方案,例如派息比率、回購及特別股息。報告亦指,中銀香港管理層確認對中東地區直接風險敞口有限,且在私募信貨無直接風險敞口。假設外部環境無重大變化,預期今年信貸成本將低於去年的49個基點水平。穩健業績表現搭配遠超預期淨利息收入,應能推動市場共識盈利預測上修。儘管減值損失高於市場共識,但在商業房地產資產質素前景不明朗的情況下,管理層對今年信貸成本指引仍具信心。該行亦認為,中銀香港即將推出的三年股東回報計劃,應受投資者歡迎。該行續予中銀香港「買入」評級及47.6元目標價。

中銀香港昨日公布業績,宣布建議末期股息每股1.255元,連同前三次中期股息,全年每股股息2.125元,按年增加6.8%。派息比率56%,提升1個百分點。中銀香港去年業績純利按年升4.9%至401.21億元,每股盈利3.7947元。提取減值準備前淨經營收入按年升8.1%至770.19億元,當中淨利息收入按年升1.1%至592.11億元,淨息差跌6點子至1.4厘。計入外匯掉期合約的資金收入或成本,調整後淨息差亦按年跌6點子至1.58厘。

該行去年貸款及其他賬項減值準備淨撥備按年增加66.8%至82.48億元,第一階段減值準備淨撥備按年減少3.69億元至8.93億元;第二階段減值準備淨撥備按年增加27.64億元至35.17億元,主要由於商業房地產巿場仍然疲弱,若干房地產業客戶內部評級下降,導致第二階段貸款餘額上升293.06億元至636.28億元,同時就個別高風險房地產客戶採用加壓方法增提撥備。第三階段減值準備淨撥備按年增加9.08億元至38.38億元,主要為個別存量不良客戶抵押品估值下降或債務重組而增提撥備。

【美銀指中銀收益吸引力遜滙控渣打】

高盛指出,儘管中銀香港未在全年業績中宣布市場高度期待的股份回購,但管理層指董事會已原則上批准三年期股東回報計劃框架。該框架旨在透過提高派息比率及/或進行股份回購提升股東回報,惟須待監管機構批准及完成內部公司治理程序後方可實施,詳情於上半年業績中公布。高盛認為,今次整體屬表現尚可的財報,儘管資本回報計劃再度延遲令人略感失望。該行上調對中銀香港今年淨利潤預測3.8%、反映去年下半年實現的更高淨息差,以及因取消今年對萬科(02202.HK)  +0.070 (+2.405%)    Short selling $3.84M; Ratio 7.055%   額外撥備而導致的信貸成本下降。該行對中銀香港維持「中性」評級。目標價由43.3元上調至44.5元。

美銀證券表示,上調對中銀香港今明兩年盈利預測5%至6%,對中銀香港目標價從38.5元上調至40港元,重申「中性」評級,反映在經濟增長及撥備宏觀不確定性下,中銀香港收益吸引力較弱。該行指,中銀香港5.4%的股息總收益率與主要H股銀行持平,但低於滙控(00005.HK)  +4.500 (+3.577%)    Short selling $918.87M; Ratio 29.997%   及渣打(02888.HK)  +7.100 (+4.438%)    Short selling $9.58M; Ratio 1.893%   近10%的總回報率。該行亦指,中銀香港去年第四季強勁的淨息差或難以持續,季內存款按年增加8.1%,按季降跌2.3%。截至去年底活期及儲蓄存款佔比按季跌4.5個百分點至53.5%。此外,季度不良貸款規模增加17.8%,按年亦增加10.8%。不良貸款比率按季升18個基點至1.14%。全年不良貸款總生成率按年增加12個基點,至38個基點。全年信貸成本按年升20個基點,至49個基點,單以去年第四季計則升至74個基點。

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本網最新綜合8間券商對其投資評級及目標價:

券商│投資評級│目標價
滙豐環球研究│買入│49元->51元
花旗│買入│47.6元
中金│跑贏行業│29.4元->45.1元
高盛│中性│43.3元->44.5元
瑞銀│中性│40元->43.5元
摩根大通│中性│43.3元
美銀證券│中性│38.5元->40元
摩根士丹利│減持│39.7元->39.9元

券商│觀點
滙豐環球研究│去年業績優預期
花旗│去年下半年收入勝預期,受惠淨利息收入,關注股東回報計劃
中金│業績穩健,今年上半年特別股東回報有望落地
高盛│去年下半年淨利息收入強勁及撥備低於預期
瑞銀│稅後淨利潤勝預期,受惠強勁淨利息收入,信貸成本如預期上升
摩根大通│撥備前經營溢利增長被信貸成本上升抵銷
美銀證券│第四季淨息差強勁抵銷貸款撥備上升
摩根士丹利│去年下半年業績優預期
(fc/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-01 16:25.)

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