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《大行》瑞銀:滙控(00005.HK)季績略顯疲弱 市場焦點落在近期利潤風險
瑞銀發表報告表示,滙豐控股(00005.HK)今年首季撥備前營運利潤及除稅前盈利分別低於市場預期各1%及2%,收入增長被成本與減值抵消,若剔除特殊項目及一次性出售物業資產收益(2億美元),除稅前盈利低於市場共識2%。滙控首季收入高於共識1%:銀行淨利息收入符合預期,費用及其他收入高預期4%;營運開支高於預期4%。該行指,滙控首季撥備高於市場共識9%,佔貸款比...
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《大行》瑞銀:滙控(00005.HK)季績略顯疲弱 市場焦點落在近期利潤風險
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瑞銀發表報告表示,滙豐控股(00005.HK)  -7.400 (-5.160%)    Short selling $1.56B; Ratio 35.751%   今年首季撥備前營運利潤及除稅前盈利分別低於市場預期各1%及2%,收入增長被成本與減值抵消,若剔除特殊項目及一次性出售物業資產收益(2億美元),除稅前盈利低於市場共識2%。滙控首季收入高於共識1%:銀行淨利息收入符合預期,費用及其他收入高預期4%;營運開支高於預期4%。

該行指,滙控首季撥備高於市場共識9%,佔貸款比率53個基點;季度減值總額13億美元,其中3億美元與中東衝突相關,4億美元與英國金融贊助商的「欺詐相關次級證券化敞口」有關,推測與巴克萊同一事件。核心一級資本比率14%符合共識,按季提升20個基點(去年第四季經恒生私有化調整後為13.8%,交易於首季完成)。股息維持每股0.1美元。

該行指,滙控對2026財年指引作出更新銀行淨利息收入約460億英鎊(此前至少450億美元,市場共識458億美元)、CET1比率目標區間14%至14.5%(市場共識為14.2%)。

瑞銀指,滙控業績電話會議焦點包括淨利息收入、財富管理、近期利潤風險:中東能源衝擊,對亞洲尤為重要,公司在簡報第17頁提供能源壓力測試結果:2026年除稅前盈利或下行中高個位數百分比。該行維持對滙控(HSBA.L)英股「中性」評級及目標價14.19英鎊(約150.64港元)。(wl/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-05 16:25.)

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