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高盛:香港銀行10月貨幣數字增速勝預期 建議買中銀(2388.HK)匯控(0005.HK)
格隆匯 12-02 17:32

高盛發表研究報告指,香港銀行10月份貸款及存款分別按月增長0.4%及1%,按年增長4.6%及7%,貨幣數字增速好過預期。基於具吸引力的風險回報,來自香港穩定的收益,該行維持中銀香港(2388.HK)目標價35.1港元,評級為“買入;及匯控(0005.HK)目標價75港元和“買入”評級。

高盛表示,10月份的貨幣數字增速好過預期,認為香港銀行將繼續提供有彈性的資產回報率(ROA),而風險回報亦對中銀香港具吸引力,又指,第四季的開局有所不同,整體的存款增長較貸款增長快,認為這與該行的預期一致。同時,高盛預料系統流動性將會繼續趨緊,與該行對16家香港銀行提供的定存利率調查一致。

該行指,中銀香港的下行風險為寬鬆的內地貨幣政策,信貸成本高於預期,以及較低的淨息差。而匯控的下行風險為支出增長率持平或大於收入(Negative Jaws)、信貸成本高於預期,以及沒有回購計劃。

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