Market Brief

The articles are produced in Chinese only.

Author

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!
Phone:
22807380

2388 中銀香港‧全功能國際化區域性銀行

Wednesday, July 17, 2019 Views1360
中銀香港(控股)有限公司
綜合財務回顧
本集團2018年股東應佔溢利為港幣320.00億元,按年增加港幣8.37億元或2.7%,較上年持續經營業務股東應佔溢利上升12.0%。提取減值準備前之淨經營收入為港幣544.11億元,按年上升港幣54.05億元或11.0%。受惠於市場利率上升及積極主動管理資產及負債,淨利息收入上升。外匯交易收入增加,使得銀行業務淨交易性收益上升,惟貸款佣金減少導致淨服務費及佣金收入下跌,部分抵銷以上收入升幅。經營支出有所上升,反映本集團持續投放資源支持長遠業務發展。減值準備淨撥備按年增加。投資物業公平值調整之淨收益則按年減少。
 
淨利息收入
2018年淨利息收入為港幣393.94億元,按年上升港幣45.76億元或13.1%,主要由淨息差改善及平均生息資產增長帶動。平均生息資產按年上升港幣2,127.08億元或9.6%。在客戶存款規模上升帶動下,客戶貸款和債務證券投資均錄得上升。
淨息差為1.62%,若計入外匯掉期合約#的資金收入或成本,淨息差為1.63%,按年上升19個基點。在市場利率上升的環境下,本集團積極主動管理資產及負債,貸存利差擴闊,以及債券投資及其他債務工具的平均收益率上升,帶動本集團淨息差擴闊。惟市場利率上升,引致客戶存款定存化,平均往來及儲蓄存款佔比下降,抵銷了部分利好因素。
 
淨服務費及佣金收入
2018年,淨服務費及佣金收入為港幣113.07億元,按年減少港幣2.94億元或2.5%,主要是貸款佣金按年減少27.6%。本集團把握上半年市場投資氣氛暢旺的機遇,配合不同客戶需要,多管齊下,豐富產品組合和服務內容,並重點向中高端及跨境客戶推廣產品,帶動證券經紀及保險佣金收入按年分別增長5.5%和16.6%。致力發揮綜合化業務平台的優勢,緊抓市場機遇,多個領域的業務穩定增長。其中,受惠於本地零售消費復甦及新增商戶帶動,信用卡簽賬及商戶收單業務量按年分別上升9.8%及10.5%,帶動信用卡佣金收入上升7.5%。把握內地、本港及東南亞市場現鈔需求,提升市場份額,現鈔業務量顯著增長,帶動買賣貨幣佣金收入上升36.3%。本集團信託及託管資產管理規模持續擴大,相關收入按年上升14.1%。繳款服務佣金收入亦增加4.6%。然而,匯票、基金分銷及保管箱佣金收入有所下降。服務費及佣金支出按年上升7.9%,主要因信用卡相關支出增加。
 
淨交易性收益
淨交易性收益為港幣30.78億元,按年上升港幣17.10億元或125.0%。外匯交易及外匯交易產品的淨交易性收益增加港幣25.07億元,主要因2018年外匯掉期合約錄得淨收益而上年同期為淨虧損,以及客戶兌換收入增長。利率工具及公平值對沖的項目淨交易性收益下降港幣6.91億元,主要由於市場利率變動引致若干債券投資及利率工具組合的市場劃價收益下跌。股權及信貸衍生工具淨交易性收益下跌,其中股票掛鈎結構性產品收入下降。商品淨交易性收益的減少源於貴金屬交易收益下降。若剔除外匯掉期合約的資金收入或成本,淨交易性收益則按年下降31.4%。
 
業績及分配
2018年每股盈利為港幣3.0266元。
末期股息每股港幣0.923元,連同於2018年8月宣派的每股港幣0.545元的中期股息,2018全年共派發股息為每股港幣1.468元。
 
建議買入價$31.15
目標價$35
十二個月目標價$40
止蝕$30.2
 
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.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
E-Check
Login
Louis Talk
Investor Notes
Free Subscribe
Contact Us