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渣打銀行十億美元股份回購計劃!

市場先生Mr. Market給我們的機會?今次的市場先生是特朗普Donald Trump; 自從特朗普宣布向中國進口貨品中的2000億美元徵收25%關稅之後渣打銀行從$73回落至$67左右, 按現在的操作每天買 1億港元須要 80日才用完十億美金。即未來四個月保持回購股份。

中美貿易戰對她的業務影響,可參考摩通報告;

《大行報告》摩通:渣打(02888.HK)估值上防守性優於匯控(00005.HK)

摩根大通發表報告指,該行對中美貿易戰的最壞情境分析顯示,匯控(00005.HK)及渣打(02888.HK)於2021年的每股盈利分別有9%及11%的下行風險。自5月3日以來,渣打股價下跌了6%,較匯控的下跌4%為多。
不過,摩通認為,匯控在香港及中國地區有更多業務,貢獻集團去年除稅前盈利的66%,對比渣打為貢獻51%,因此匯控在中美貿易問題最新發展中所受的實質影響,或較該行的數據分析更高。
該行又稱,渣打目前估值相當於今年市賬率0.6倍及市盈率10倍,匯控估值則相當於今年市賬率1倍及市盈率12倍,認為渣打在估值上的防守性優於匯控。
摩通上調對匯控今年至2021年的每股盈利預測分別2%、1%及3%,但仍較市場預測低3%至5%,股份評級及目標價則維持「中性」及73元。至於渣打評級為「增持」,目標價85元。(ek/u)~
阿思達克財經新聞






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國際銀行營運效率;

  • 02888 渣打集團 資產回報率 (%) 0.156% 市賬率 0.63
  • 00005 滙豐控股 資產回報率 (%) 0.5% 市賬率 0.91
  • Citigroup Inc. (C) 資產回報率 (%) 0.94% 市賬率 0.84

且看看恒生銀行資產回報率1.6%是渣打集團的10倍所以市場給他的市帳率2.4倍!好貴不是小弟杯茶!(但合邏輯)
00011 恒生銀行 資產回報率 (%) 1.588% 市賬率 2.39
渣打集團的資金運用比匯豐及花旗都要差所以市場給予市帳率較低(股價也平)但經過今年甚至乎明年在低價回購股份之後(等如63折投資在自己身上)資金運用效率將有所提升,所以筆者期望市場給予更高的市帳率並不過份?

注意;不保證數據分析正確性及不建議參考本文作投資決定。


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