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

Tuesday, May 26, 2020 Views4507
中銀香港(控股)有限公司
綜合財務回顧
本集團2019年年度溢利為港幣340.74億元,按年增加港幣14.20億元或4.3%。股東應佔溢利為港幣321.84億元,按年增加港幣1.14億元或0.4%。提取減值準備前之淨經營收入為港幣584.44億元,按年上升港幣39.09億元或7.2%,主要受惠於市場利率上升及積極主動管理資產及負債,淨利息收入有所上升。銀行業務淨交易性收益增加及出售若干債務證券錄得較高淨收益,惟投資市場氣氛疲弱,證券經紀及基金分銷佣金減少,導致淨服務費及佣金收入回落,抵銷部分以上收入升幅。經營支出有所上升,反映本集團加強成本管控的同時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
2019年淨利息收入為港幣405.23億元。若計入外匯掉期合約的資金收入或成本,淨利息收入按年上升8.4%,主要由淨息差擴闊及平均生息資產增長帶動。
平均生息資產按年上升港幣1,136.36億元或4.7%。在客戶存款規模上升帶動下,客戶貸款和債券投資及其他債務工具均錄得上升。
淨息差為1.59%,若計入外匯掉期合約的資金收入或成本,淨息差為1.69%,按年上升6個基點,主要由於市場利率按年上升,帶動客戶貸款平均收益率上升、外匯掉期合約的資金淨收入增加,以及淨無息資金貢獻上升。年內,存款市場競爭激烈,本集團積極管理存款定價及結構,控制存款成本上升幅度。
 
淨服務費及佣金收入
2019年,淨服務費及佣金收入為港幣109.19億元,按年減少港幣3.93億元或3.5%,主要是本年投資市場氣氛轉弱,股票及基金市場成交量不及上年,導致證券經紀及基金分銷佣金收入分別減少23.7%及3.0%。此外,受香港零售消費疲弱影響,信用卡佣金收入減少13.5%。香港整體進出口貨量按年下降,匯票佣金收入亦減少5.3%。本集團緊抓市場機遇,重點優化銷售渠道及客戶服務,多個領域的業務錄得穩定增長。年內,加強保險產品及創新服務組合,不斷滿足客戶財務策劃需要,促進保險業務量增長,佣金收入按年上升36.5%。本集團加快拓展資金池和現金管理等業務,帶動繳款服務佣金收入增加5.1%。信託及託管資產管理規模持續擴大,相關收入按年上升2.8%。貸款、買賣貨幣及保管箱佣金收入亦有所增加。服務費及佣金支出按年下跌2.9%,主要因信用卡業務及證券經紀相關支出減少。
 
淨交易性收益
淨交易性收益為港幣48.00億元,按年上升港幣17.10億元或55.3%。外匯交易及外匯交易產品的淨交易性收益增加港幣22.15億元,主要因外匯掉期合約淨收益增加。利率工具及公平值對沖的項目錄得淨交易性虧損,而上年同期則為淨收益,主要由於本年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變化。商品淨交易性收益上升,主要源於貴金屬交易收益增加。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。若剔除外匯掉期合約的資金收入或成本,淨交易性收益按年下降21.0%。
 
業績及分配
2019年每股盈利為港幣3.044元。
末期股息每股港幣0.992元,連同於2019年8月宣派的每股港幣0.545元的中期股息,2019全年共派發股息為每股港幣1.537元。
 
建議買入價$22.1
目標價$24.5
十二個月目標價$28.9
止蝕$21.4
 
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
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us