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花旗工银投资入股锦州银行维持工行(1398.HK)“买入”看7.14港元
格隆汇 07-29 11:35

花旗报告指工行(01398.HK)旗下工银投资斥资不多于30亿元人民币入股锦州银行,购入10.82%股权,相等于为每股4.09元人民币,是其去年上半年市账率0.47倍,或其4月1日股价的34%折让,而因应投资会由工银投资自行处理,故不会影响工行的资产负债表。

该行指,包商银行事件引发部份小型银行或非银行类的金融机构资产负债表受影响,预期每20%的资产负债表减少,社会融资总额(TSF)会降4个百分点。因应今年10月1日为中国70周年国庆,相信首要任务是稳定金融系统,故政府目前对於接管小型银行都变得更审慎。不过随着供给侧改革,现时有更多方法可以重组问题银行。

该行又指,相信政府与其救助所有有问题银行,会选择救助面对短暂银行流动性和资产质素问题的银行,对比包商银行,锦州银行的内部风险是更可控,而且其拥有香港上市地位,和7,480亿元人民币的资产。

该行相信,是次工银投资入股,对工行的影响有限,资本充足率不会受损,而工银投资对工行的盈利占比只有0.2%,不过会提升投资风险,和增加市场对未来工行需接管其他问题银行的忧虑,一旦工银投资未能满足资本要求,工行需购入其债务工具。工行在今年一直跑输大市,主因市场对其国家任务的忧虑,但长远相信大型银行仍会是主要的受益者,维持工行“买入”评级,目标价7.14港元。

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