中金:港銀股估值低及股息較高 或成近期市場避險選擇
中金髮表報吿表示,估值較低、股息較高的香港銀行股或成為近期市場波動之下的避險選擇,該行認為近期海外中資股市場波動大主要來自國內政策的不確定性,此外變異病毒疫情反覆也可能是原因之一,在此背景下,資金流出成長板塊。
該行看到昨日內銀H股表現相對穩定,匯控(0005.HK)、渣打(2888.HK)及建行(0939.HK)目前估值相當於預測今年市賬率0.6倍、0.4倍及0.5倍,均處於歷史平均水平以下1倍的標準差附近,對應股息率分別為5.5釐、3.5釐、7.4釐。
基本面上,中金料香港本地銀行業績或跟着疫情修復温和改善,短期息差仍有壓力,而中長期存在向上空間,指香港銀行的邊際向上的基本面疊加當前較低估值水平,成為部份避險資金的選擇,建議投資者關注。
內銀股方面,該行認為工行(1398.HK)H股、建行H股估值已充份反映投資者憂慮,另外該行堅定看好招行(3968.HK)H股。
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