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《大行報告》匯豐研究:看好低估值及強勁資產負債表內銀股 薦交行(03328.HK)、中行(03988.HK)、工行(01398.HK)及建行(00939.HK)
匯豐環球研究發表報告指,審視內銀對恆大(03333.HK)事件的風險曝露,及其對內銀長遠的增長、資產配置及資本計劃的影響,認為單計房地產貸款的風險可控,上半年房地產相關貸款較去年下半年增長介乎1.8%至7.8%,增幅慢於整體貸款增長的4.9%至9%。不過該行相信監管機構或有所行動,以限制相關風險向外傳導。 報告指,相信內銀不會於第三季為恆大事件作出撥備,若有不良資產確認相信會待至第四季或以後。在恆大相關風險曝露需作出100%撇賬的假設情境下,對去年全年稅前盈利的備考影響可介乎0%至80%,其中以民行(01988.HK)、中信銀行(00998.HK)、光大銀行(06818.HK)及農行(01288.HK)較同業有較大風險。 該行偏好估值較低及資產負債表強勁的內銀,包括交通銀行(03328.HK)、中國銀行(03988.HK)、工商銀行(01398.HK)及建設銀行(00939.HK),其與中央及地方政府的關係亦較為緊密。全部評級皆為「買入」。
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