《大行報告》瑞銀:大型內銀短期具防禦性 但明年上升空間或有限
瑞銀發表研究報告,預期隨著發展商融資情況改善,有助於緩解市場對內房不良貸款風險的擔憂。估計2022年首季在宏觀指標可能進一步惡化下,大型內銀基於季節性強勁的信貸擴張、淨息差持續穩定及估值不高的因素而具備防禦性。
不過,該行指由於大型內銀缺乏可持續重評的催化劑,其股價上行空間有限。自第二季以來,隨著經濟增長可能觸底,高基數效應消退,中港市場有望反彈。在這樣的環境下,內行表現或跑輸。該行維持對主打零售及中小企業貸款的銀行中期正面的看法,並對招商銀行(03968.HK)、郵儲銀行(01658.HK)、平安銀行(000001.SZ)、寧波銀行(002142.SZ)及常熟銀行(601128.SH)予以「買入」評級。
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