中金报告指，恒生(00011.HK) 去年下半年营业收入、拨备前经营溢利及纯利分别按年升1.1%、0.2%及6.2%，略胜该行预期，主要来自非利息收入及信用成本低于预期，但未宣布新一轮回购，认为市场对此反应较为负面。
该行提及，恒生截至去年底普通股权一级资本(CET1)率为17.7%，较去年6月底升1.1个百分点，其中信用风险加权风险资产变动，为CET1资本率带来半个百分点的正面影响。该行认为主要来自去年第四季金管局调整住宅按揭贷款风险权重计算的影响。恒生预计在《巴塞尔协定3.1》新规实施后，CET1资本率可再升1.5至2个百分点。
该行认为，恒生未在今次业绩公布时宣布新一轮回购，不符合该行预期，但预计未来资本状况仍然良好，不排除恒生未来重启回购的可能。该行上调对恒生今明两年盈利预测9%及4.8%，至170.72亿及169.13亿元。另上调对恒生目标价9%至109.5元，维持“中性”评级。(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-20 12:25。)
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