星展发表研究报告指，汇丰控股(00005.HK) 去年业绩符合预期，税前利润按年增8%至323亿美元，而在其重组后，对今年银行净利息收入以及2025年至2027年的减省成本的指引强劲。随其重组的正面展望，该行将其今明两年的有形股本回报(ROTE)预期由原先介乎14.2%至14.7%，上调至介乎15%至15.5%。另料今明两年的回购会与2024年的水平相若，主要受强劲资本状况及可持续ROTE支撑，相信会是股价的关键催化剂。
报告对汇控今明两年的税前利润预测上调5%至7%，以反映在高息环境持续更长时间下更强的净利息收入预期，整体而言，料2025年至2027年间收入及盈利会录得按年轻微增幅。该行重申评级“买入”，将目标价由84.2元升至98.7元，认为ROTE可见度高支持进一步估值重评，并料股东回报吸引及今年股息率料约5厘。(vc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-25 16:25。)
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