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渣打不同匯豐防守性更強

渣打集團(SEHK:2888)有可能帶來驚喜嗎? –

渣打集團(SEHK2888業務版圖橫跨全球市場,包括經濟發展較成熟的歐美洲,以及增長潛力較吸引的大中華及東盟地區,惟新冠肺炎帶來強烈逆風,渣打在上半年表現錄得倒退。不過,細看下仍強於匯豐(SEHK:5)

中期業績

渣打在上半年面臨強烈逆風,疫情下分行營運受挫,環球央行減息潮不利業績增長,信貸資產質素亦有所下降。面臨經營境,渣打銀行的收入仍按年增加5%80億元,按固定匯率計增幅更有7%減值及稅前基本經營溢利仍有22%同比增長固定匯率則為23%,表現相當具防守性。不過,信貸減值影響大,集團的稅前基本溢利仍減少了25%20億元

基本經營溢利穩定

渣打行政總裁指出,集團在期內以「以健康的營運表現、更高收入、更低成本,渡過新型冠狀病毒危機極其嚴峻的早期階段」。

受累於環球央行減息,渣打的淨息差按年收窄26個基點至1.4%,淨利息收入因而錄得9%同比跌幅,固定匯率計則跌7%。然而,在不利營商環境中,集團成功推動非利息收入增長,彌補了核心利息收入的流失。

期內,渣打的其他收入按年錄得19%增長,即使撇除了債務價值調整,增幅仍有15%,集團將這部分收益增長歸因於金融市場業務財資業務的強勁表現。

成本控制方面,渣打集團的表現穩定。期內經營支出按年減少5%,按固定匯率計則下降2%。其他收入增長抵消低息環境對渣打核心收益的負面影響,高效的成本控制措施在期內顯著改善經營效益,成本對收入比率因而較去年同期減少約9個百分點至58.6%

信貸減值影響顯著

然而,經濟下行風險大增,加上實體經濟仍未復甦,信貸資產質素下降無可避。渣打期內基本經營溢利的穩定表現被信貸減值的負面影響完全抵消。集團在上半年錄得15.7億元信貸減值,較去年同期的2.5億元減值增加逾500%。這造成集團的除稅前基本溢利按年減少25%有形股東權益基本回報則按年下降2.4個百分點至6%

業務前景未明朗

展望下半年,渣打集團預期收入將錄得同比跌幅。集團管理層所指出,疫情影響可持續多久,以及其對財務表現的影響是無法可靠預測的。即使部分市場已有復甦跡象,利率偏低及金融市場業務疲弱帶來的負面影響難以完全

結語

本地疫情反彈可見肺炎疫情發展難測,即使渣打的基本溢利表現防守,投資部署不宜過於進取

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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