美银证券发布研报称，基于目标市账率1.12倍计，将恒生银行(00011)目标价由原先102港元下调8%至 93.6港元。由于盈利逆风及不良贷款覆盖率低，重申恒生跑输大市评级。 美银证券指，恒生上半年收入同比增长2.7%，达210亿港元，拨备前利润同比增长3.9%，达134亿港 元，超市场预期分别2%及6%。然而，净利润同比下降34.6%至63亿港元，逊市场预期22%，因拨备增 加两倍。上半年净资产收益率(ROE)同比下降4.5个百分点至7.9%。普通股权一级资本(CET1)比率按半 年上升3.6个百分点至21.3%，部分得益于《巴塞尔协议三》规则的实施。上半年股息同比增长8.3%至每 股2.6港元，派息比率同比上升30个百分点至78%。 美银证券又表示，恒生宣布高达30亿港元的回购计划，将于六个月内完成。美银证券将恒生2025至2027 年盈利预测下调10%至18%，主要因信贷成本上升(2025至2027年预计分别为110基点、85基点、75基 点)，但因HIBOR下跌导致无风险利率下降，将股本成本下调50基点至8.5%。 ...

Core Viewpoint - Bank of America Securities has downgraded the target price for Hang Seng Bank from HKD 102 to HKD 93.6, a decrease of 8%, citing headwinds in earnings and low non-performing loan coverage, while maintaining an underperform rating [1] Financial Performance - Hang Seng Bank reported a 2.7% year-on-year increase in revenue, reaching HKD 21 billion, and a 3.9% increase in pre-provision profit to HKD 13.4 billion, exceeding market expectations by 2% and 6% respectively [1] - However, net profit fell by 34.6% year-on-year to HKD 6.3 billion, missing market expectations by 22%, primarily due to a doubling of provisions [1] - The return on equity (ROE) decreased by 4.5 percentage points to 7.9% year-on-year [1] Capital and Dividends - The Common Equity Tier 1 (CET1) ratio increased by 3.6 percentage points to 21.3%, partly due to the implementation of Basel III regulations [1] - The bank announced an 8.3% year-on-year increase in dividends to HKD 2.6 per share, with the payout ratio rising by 30 percentage points to 78% [1] Share Buyback and Future Projections - Hang Seng Bank has announced a share buyback plan of up to HKD 3 billion, expected to be completed within six months [1] - Earnings forecasts for 2025 to 2027 have been reduced by 10% to 18%, mainly due to rising credit costs, projected at 110 basis points, 85 basis points, and 75 basis points for the respective years [1] - The cost of equity has been lowered by 50 basis points to 8.5% due to a decline in the HIBOR, resulting in a decrease in the risk-free rate [1]

报告提到，管理层对前景保持审慎态度，预期即使利率处于低位，今年下半年贷款需求仍将疲弱，且预 期信用损失可能与上半年相若。管理层承诺维持合理且可持续的股东回报，预计全年派息比率将不超过 盈利的100%。 该行称，恒生银行虽然收入及拨备前营业利润(PPOP)略胜预期，但减值拨备大幅增加，导致盈利不及 预期。尽管HIBOR下降，收入仍同比增长2.7%，当中非利息收入升34%可抵消净利息收入下跌7.4%。 营运支出仅同比微增1%，反映良好成本管控，推动拨备前营业利润增长3.9%。但减值拨备大增2.3倍， 信用成本达118个基点，创历史新高。恒生宣布于6个月内完成30亿港元股份回购计划，符合瑞银预期。 瑞银发布研报称，恒生银行(00011)上半年净利润同比跌34.6%至62.85亿港元，显著低于瑞银及市场预 期。该行现予恒生银行"中性"评级，目标价112港元。 ...

该行称，恒生银行虽然收入及拨备前营业利润(PPOP)略胜预期，但减值拨备大幅增加，导致盈利不及 预期。尽管HIBOR下降，收入仍同比增长2.7%，当中非利息收入升34%可抵消净利息收入下跌7.4%。 营运支出仅同比微增1%，反映良好成本管控，推动拨备前营业利润增长3.9%。但减值拨备大增2.3倍， 信用成本达118个基点，创历史新高。恒生宣布于6个月内完成30亿港元股份回购计划，符合瑞银预期。 报告提到，管理层对前景保持审慎态度，预期即使利率处于低位，今年下半年贷款需求仍将疲弱，且预 期信用损失可能与上半年相若。管理层承诺维持合理且可持续的股东回报，预计全年派息比率将不超过 盈利的100%。 瑞银发布研报称，恒生银行(00011)上半年净利润同比跌34.6%至62.85亿港元，显著低于瑞银及市场预 期。该行现予恒生银行"中性"评级，目标价112港元。 ...

恒生银行(0011.HK)公布，已于今日(31日)与Merrill Lynch International订立协议，委任全权运作2025股份 回购计划。根据经纪协议，该行已同意经纪商根据预定参数在港交所回购不多于30亿元的股份。 2025 股份回购计划的期限为明日(8月1日)起至2026年1月30日。 2025股份回购计划将根据该行于5月8日举行 的股东周年常会上获股东通过并授予董事会回购股份的一般性授权的权力进行。 本文源自：金融界AI电报 ...

Core Viewpoint - Hang Seng Bank has entered into an agreement with Merrill Lynch International for a share buyback program, allowing the bank to repurchase up to HKD 3 billion of its shares [1] Group 1: Agreement Details - The agreement with Merrill Lynch International grants the broker full authority to operate the 2025 share buyback plan [1] - The buyback will occur on the Hong Kong Stock Exchange, with the broker acting independently of the bank and its related parties [1] Group 2: Buyback Program Timeline - The 2025 share buyback program is set to run from August 1, 2025, to January 30, 2026 [1] - The program is contingent upon the general authorization granted by shareholders at the bank's annual general meeting on May 8, 2025 [1]

Core Viewpoint - Hang Seng Bank has entered into an agreement with Merrill Lynch International for a share buyback program, allowing the bank to repurchase up to HKD 3 billion of its shares from August 1, 2025, to January 30, 2026 [1] Group 1 - The bank has appointed Merrill Lynch International as the broker to operate the 2025 share buyback plan with full discretion [1] - The buyback will be conducted on the Hong Kong Stock Exchange according to predetermined parameters outlined in the agreement [1] - The plan is subject to the general mandate granted by shareholders at the bank's annual general meeting on May 8, 2025 [1]

根据经纪协议，该行已同意经纪商根据预定参数在联交所回购不多于30亿港币的该行股份。经纪商将根 据经纪协议所列载的预定参数，透过其联属公司进行所有回购，并拥有独立于该行及其关连人士行事的 全权酌情权。 格隆汇7月31日丨恒生银行(00011.HK)公布，该行已于2025年7月31日与Merrill Lynch International("经纪 商")订立协议。据此，经纪商获委任全权运作2025股份回购计划。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容⽽產生或因倚賴該等內容⽽引致的任何損 失承擔任何責任。 股份代號: 11（港幣櫃台）及80011（⼈⺠幣櫃台） 30億港幣股份回購計劃 本公告乃恒生銀⾏有限公司（「本行」）根據《香港聯合交易所有限公司證券上市 規則》（「《 上市 規則》」）第 13.09 條及《證券及 期貨 條例》（香港 法例 第571章）第XIVA部內幕消息條文（按《上市規則》之定義）⽽發佈。 的要求（「豁免」）。該豁免將使本⾏能夠根據經紀協議，在限制期間內透過經紀 商進⾏2025股份回購計劃下的股份回購。這將優化股份回購計劃的管理，並使本 ⾏能在最大程度地落實2025股份回購計劃中預期達到的30億港幣目標。 本⾏已於2025年7月31日與Merrill Lynch International（⼀家獨立經紀商，「經 紀商」）訂立協議（「經紀協議」）。據此，經紀商獲委任全權運作（進⼀步描述 見下文）2025股份回購計劃（定義見下文）。 根據經紀協議，本⾏已同意經紀商根據預定參數在香港聯合交易 ...

Core Viewpoint - CICC has raised the revenue forecasts for Hang Seng Bank for 2025E and 2026E by 2.4% and 4.3% to HKD 41 billion and HKD 42.1 billion respectively, while lowering the 2025E net profit forecast by 13.9% to HKD 14.7 billion and raising the 2026E net profit forecast by 4.1% to HKD 17.6 billion [1] Group 1 - 2Q25 revenue met expectations, but profit fell short due to impairment losses related to Hong Kong commercial real estate [2] - Net interest income decreased by 7% in 1H25, with weak loan demand and declining interest margins; the net interest margin was 1.99%, down from 2.29% in 1H24 [3] - Non-interest income grew significantly, with fee income up 23% and other non-interest income up 46%, driven by securities brokerage services and increased foreign exchange trading revenue [4] Group 2 - Impairment losses increased significantly, more than doubling compared to the same period last year, leading to a rise in credit costs to 1.19% [5] - Despite the decline in net profit, the company increased dividends and maintained share buybacks; the core Tier 1 capital ratio was 21.3% at the end of 1H25 [6]