星展：重申汇丰控股(00005)“买入”评级 目标价上调至74.6港元
星展发布报告称，重申汇丰控股(00005)“买入”评级，将今明两年盈利预测下调7%及11%，目标价由71.7港元上调至74.6港元，认为其为减息周期中属股息回报稳固的股份。该行估计，汇控预计将实现约15%的有形股本回报率(RoTE)目标，并预计2024/2025财年的ROTE约为14%至16%。
报告中称，公司去年业绩逊于预期，核心盈利大致符合预期，维持2024/2025财年股息率稳健。该行预计美国联邦基金利率将于今年下半年开始下行周期，料对今明两年的香港银行(包括汇控)将面临净息差下行压力。同时料当利率降低时，贷款量将出现更强劲的增长。信贷成本预期整体与去年相似，约为贷款总额的36至37点子。 整体而言，该行预计今明两年经调整盈利与去年相比的上行空间有限。
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