金吾财讯 | 摩根大通发布报告称，汇丰控股(HSBC)去年第四季度的业绩表现优于预期，经调整后的税前利润分别超出该行及市场预期10%和9%。公司最新给出的有形股本回报率（ROTE）指引为中双位数（约13%至17%），这可能会促使市场将其未来两年的每股盈利增长预测上调至中单位数至低双位数之间。该行继续将汇丰视为亚太地区银行业的首选标的，并重申对其“增持”评级，目标价定为95港元。从估值角度来看，汇丰当前的预测市账率为1.1倍，股本回报率达到12.5%。与过去十年平均0.9倍的市账率和8.7%的平均股本回报率相比，汇丰仍有进一步提升估值的空间。此外，汇丰正在进行的重组以及管理层对2025年至2027年ROTE的明确指引，增强了市场对其中期盈利能力的信心。值得注意的是，尽管汇丰在过去三个月内股价已累计上涨24%，但摩根大通相信，在未来12个月内，汇丰仍有望实现约10%的总回报，具有较高的投资吸引力。
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