《大行報告》高盛將中銀香港(02388.HK)納入確信買入名單 受惠加息未完全反映
高盛發表報告,指中銀香港(02388.HK)仍是該行的香港本地銀行中首選股,重申其「買入」評級,並加入確信買入名單,目標價由34.9元上調至38.5元。
高盛表示,第一輪加息通常是銀行估值擴張的最佳時期,隨著第二個時期的開始,推動力轉移到盈利表現上,但本次加息週期的不同之處在於,銀行股估值起點明顯偏低,尤其是中銀香港。該行認為,本地銀行股受惠加息的因素未被完全反映。
高盛認為,加息對銀行業淨息差的積極影響是顯而易見的,但可能會被貸款增長放緩、非利息收入疲軟和資產質素下降所抵銷。該行分析了上一次加息週期對這些銀行指標的影響,在加息週期推進期間,這些指標逐漸減速,即資產負債表增長放緩、非利息收入增長下降和信貸成本上升,隨著貸款變得更加昂貴,借款人減少借款,推動銀行非利息收入的資本市場不再強勁,該行預計中銀香港將再次在這些指標上顯示出最佳的表現。
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