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一文拆解恒生最新的收息價值
從恒生銀行(SEHK:11)公布2020業績來看,有何亮點?收息價值仍吸引嗎?
更多分析滙豐、恒生公布業績 哪隻復甦力度更強?
業績受累疫情倒退
恒生銀行在2020年度的業績遭受疫情衝擊,期內股東應佔溢利同比下跌 33%至166.87 億元(港元.下同),每股盈利則為8.36 元,同比跌幅為35%。業績受挫下,恒生的業務回報有所倒退,平均普通股股東權益回報率為 9.6%,平均總資產回報率則為 1.0%,相對2019年度的15.2%及1.5%。
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集團將業務倒退歸因於3大因素,投資及消費活動降溫、市場利率偏低,以及信貸預期損失增加。淨利息收入挫近2成
淨息差方面,疫情期間聯儲局重啟減息,市場利率受壓,恒生的淨利息收益率因而按年下降47個基點至1.73%。
雖然資產負債表擴張下平均生息資產增長6%,但整體淨利息收入仍按年下跌17%至269.06億元。費用收入整體持平
除了賺息差的能力在低息環境下被削弱,恒生在期內的非利息收入來源亦受疫情影響。疫情期間,商業活動及消費活動降溫,恒生的多個費用收入來源受挫,如信用卡服務費收入按年下跌22%,零售投資基金收入同比減少14%。
幸而,疫情中股市依然活躍,交易量大增為證券經紀及相關服務收入帶來正面貢獻,分部同比升幅達58%,抵銷其他費用收入的不利影響,整體淨服務費收入僅按年減少1%。



信貸質素有所惡化
除了核心收入表現倒退,恒生的貸款資產質素在經濟前景不明下持續惡化,期內預期信貸損失變動及其他信貸減值提撥增加49%。
不過,在2020年底,總減值貸款對總客戶貸款比率僅為0.60%,集團管理層表示相信水平較同業平均為低,加上大部分受影響貸款均有有形抵押品擔保,整體信貸資產質素依然穩健。分派按年跌3成
恒生在疫前的分派連年增長,吸引不少股息投資者進場。不過,疫情為2020年度業績帶來衝擊,即使恒生保持著6-7成的分派比率,由於每股盈利下跌,2020年度分派亦按年減少約3成。雖然低息環境或會在疫後中期內維持,但非利息收入有望逐步復甦,恒生盈利水平重振的確定性高,分派將可隨之至增長。結語
儘管恒生銀行就2020年度作出的分派有所減少,但復甦確定性高,分派有望在疫後重拾增長,收息價值依然吸引。



一國兩制 已成泡影
司法獨立 形同虛設
胡適曾說過:爭你自己的自由就是爭國家的自由,因為自由平等的國家不是一群奴才建造得起來的
人大全面閹割香港民主選舉,卻美化說是「完善」
熱賣及精選
Structured credit products can help to raise green capital from international investors to support China’s transition to its 2060 carbon neutrality target.
HKMA (Hong Kong Monetary Authority) Deputy Chief Executive Howard Lee has outlined plans for Hong Kong to further develop its structured credit market.
Speaking to industry participants at IMN’s 2021 Asian Structured Credit Virtual Summit on Tuesday (16 March), Lee cited a recent ICMA report, which revealed Hong Kong to be the largest centre for arranging Asian international bond issuance.
Hong Kong captures 34% (USD 196 billion) of Asian international bonds in 2020, followed by the US (18%), the UK (17%) and Singapore (5%). Hong Kong also arranged 75% (USD 18 billion) of first-time bond issuances in Asia, compares to 9% in Singapore and 5% in the UK.

According to Lee, the amendment of the Banking (Capital) Rules last year brings the current synthetic securitisation rules fully up-to-date with the Basel rules. These products, he said, are increasingly seen by banks in Asia-Pacific as a useful tool for credit risk mitigation and regulatory capital management, which does not require them to transfer portfolio assets.
“This feature is extremely useful to help overcome typical constraints such as loan assignment and confidentiality restrictions,” Lee said. “Such products can offer an additional investment opportunity for institutional investors. When the new capital rules become effective in June this year, the full spectrum of synthetic securitisation structures will be available for use in Hong Kong.”
Under the new rules, SPVs will be available for use as providers of guarantees or credit default swaps, effectively lifting the growth potential of Hong Kong’s synthetic securitisation market, Lee said.
He also pointed to efforts by the HKMC (Hong Kong Mortgage Corporation) in helping to develop the city’s securitisation market, noting that it was the most active corporate issuer in Hong Kong dollar debt market in 2020.
The HKMC has issued a total of HKD 13.2 billion mortgage-backed securities since 1999, and has helped develop the local secondary mortgage market through purchasing mortgage loans from banks, and packaging the loans into mortgage-backed securities for investors, Lee said.The HKMC also launched an Infrastructure Financing and Securitisation business in 2019, and is now in the process of warehousing global infrastructure loans across various sectors and geographies from banks with a view to packaging and securitising them in future.
According to Lee, the initiative will help to mobilise capital market liquidity and help fill market gaps in infrastructure financing.
He also discussed recent growth in the green and sustainable bond market. By end-2019, USD 26 billion of green bonds had been arranged and issued in Hong Kong.
“While we do not have the 2020 figure yet, our estimates show that the issuance pipeline remained strong during the year despite the disruptive effect of Covid. We are seeing increased issuer and product diversity and expect the strong momentum to continue.”
According to Lee, structured credit products also have a role in helping to raise green capital from international investors to support China in its transition towards its 2060 carbon neutrality target.

https://www.regulationasia.com/hong-kong-set-to-develop-structured-credit-markets/?ct=t(17Mar2021-RA)&goal=0_d30b640721-a95364c9a7-116688786&mc_cid=a95364c9a7&mc_eid=7a746bdd6a



一國兩制 已成泡影
司法獨立 形同虛設
胡適曾說過:爭你自己的自由就是爭國家的自由,因為自由平等的國家不是一群奴才建造得起來的
人大全面閹割香港民主選舉,卻美化說是「完善」

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2021年特區消費谷底反彈,特區外貿(國家經濟增長)增長。看恒生今年業績是否回穩


引用:
原帖由 時光五缺 於 2021-3-14 09:59 PM 發表

一文拆解恒生最新的收息價值https://www.hkmoneyclub.com/wp-content/uploads/2020/09/11_1_800-678x381.jpg從恒生銀行(SEHK:11)公布2020業績來看,有何亮點?收息價值仍吸引嗎?
更多分析滙豐、恒生公布業績 哪隻復甦力度更強?
業績受累疫情倒退
恒生銀行在2020年度的業績遭受疫情衝擊,期內股東應佔溢利同比下跌 33 ...
現在才出post推介恆生有投資價值,反應慢了12個生肖。



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引用:
原帖由 明日野性的老闆 於 2021-4-4 11:13 AM 發表

2021年特區消費谷底反彈,特區外貿(國家經濟增長)增長。看恒生今年業績是否回穩
今年業績都不錯
ROE is still double digit



一國兩制 已成泡影
司法獨立 形同虛設
胡適曾說過:爭你自己的自由就是爭國家的自由,因為自由平等的國家不是一群奴才建造得起來的
人大全面閹割香港民主選舉,卻美化說是「完善」
引用:
原帖由 時光五缺 於 2021-4-7 10:53 PM 發表


今年業績都不錯
ROE is still double digit
如果有今年有業績回穩,加上只特區經濟恢復增長未來二至三年可以重上200港元。看金管局季度對銀行業觀點。大行對恒生業務都有比較預測。匯控未來公布季度業務都是重要資料



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