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《大行报告》美银证券上调港银股目标价 首选中银(02388.HK)
阿思达克 01-07 09:48
美银发表报告指,在中美关系紧张及疫情全球爆发的情况下,2020年充满挑战,预期香港全年GDP将下跌6.1%,随着全球经济复苏,2021年有望恢复至增长4.7%,相信今年港银仍然要面对一定利润压力,但市场贷款需求改善,信贷成本下降,认为於港银股去年股价累跌5%至17%的香港银行股,或迎来买入的时机,特别是潜在派息可能刺激股价上行。

该行指,由於低利率环境下利润率的急剧压缩,预计2020年香港银行的收入将按年下降15%至30%,相信宏观经济复苏,利润率压力可能会被更高的贷款增长和降低的信贷成本所抵消,今年前景较乐观,首选中银香港(02388.HK),认为其估值低,更具吸引力,仅为2021年预测市帐率0.8倍,股息率超过5%,更具吸引力,而人民币汇价走强及人民币同业拆借利率上升亦对其有利,维持对中银「买入」评级,目标价上调10.9%至30.5元。

美银指,恒生银行(00011.HK)於2019至2020年估值亦有所下降,但仍较中银香港的估值高出逾80%,予「跑输大市」评级,升目标价1.3%至134.7元;东亚银行(00023.HK)缺乏吸引力,料去年净资产收益率降至2%,予「跑输大市」评级,升0.8%至目标价11.9元。

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