Market Brief

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趙俊邦先生 (Joseph Chiu)
助理經理

現任職輝立助理經理,投資股票經驗豐富。擅長期權及期貨倉位分析,誠意為客戶提供實戰應用策略或交流心得!
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11 恒生銀行‧永恒生長

Wednesday, January 31, 2018 Views7817
恒生銀行有限公司
 
業績概要
恒生銀行有限公司及各附屬公司憑藉核心業務之優勢取得良好增長勢頭,於2017年上半年錄得良好業績。股東應得溢利及除稅前溢利均上升23%,分別為港幣98.38億元及港幣116.46億元。營業溢利為港幣117.32億元,較2016年上半年增加23%。扣除貸款減值提撥及其他信貸風險準備前之營業溢利增加港幣21.65億元,即21%,為港幣124.02億元,其中淨利息收入及非利息收入均有穩健增長。本行以能適時推出產品的優勢及龐大的銷售網絡,把握投資氣氛好轉之機會,令財富管理業務收入錄得39%之強勁增長。
 
淨利息收入
金沙城中心二零一七年第三季的收益淨額及經調整EBITDA分別為469,000,000美元及155,000,000美元,而EBITDA利潤率則為33.0%。第三季的非轉碼入箱數目為1,440,000,000美元,而非轉碼贏額百分比則為20.4%。季內,轉碼金額為2,850,000,000美元,而轉碼贏額百分比則為2.66%,低於預期範圍及二零一六年第三季的4.16%。季內,角子機收入總額為1,180,000,000美元。
 
淨服務費收入
淨服務費收入增加港幣4.41億元,即15%,為港幣32.94億元,大部分核心業務之淨服務費收入均錄得增長。客戶需求強勁及市場氣氛向好,帶動證券經紀及相關服務費收入以及零售投資基金的服務費收入分別增加32%及31%。受惠於非人壽保險產品之分銷服務費以及人壽再保險商業方案之佣金增加,保險相關服務費收入上升12%。來自信用卡業務之總服務費收入增加9%。信貸融通服務費收入增長27%,主要由於企業貸款增加令服務費收入上升。賬戶服務及匯款之服務費收入分別錄得7%及9%增長,主要受業務量增加所帶動。
 
淨交易收入
淨交易收入增長港幣9.33億元,即205%,為港幣13.88億元。外匯交易收入上升港幣6.28億元,即116%,主要由於客戶交易以及來自外匯掉期的收入均有增加。支持人壽保險合約的跨貨幣掉期錄得重估收益,而去年同期則錄得重估虧損。
利率衍生工具、債務證券、股票及其他交易活動之收入錄得港幣2.20億元收益,而去年同期則錄得港幣1.13億元虧損。來自銷售本行股票掛鈎結構性產品之收入錄得增長,而人壽保險業務投資組合之股票掛鈎衍生產品則因為出現有利之公平價值變動,令重估虧損較去年同期減少。利率衍生工具的收入亦受惠於有利之市場利率變動。
 
股息
第二次中期股息每股港幣1.20元,連同第一次中期股息,2017年上半年之每股派息合共港幣2.40元。
 
每股盈利
每股盈利增加23%,為每股港幣5.15元(2016年上半年為每股港幣4.19元)。
 
建議買入價 - $187.6
目標價 - $211.9
止蝕 - $181.9
 
註:本人趙俊邦為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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