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《大行報告》匯豐研究升信行(00998.HK)目標價至6.2元 下調民行(01988.HK)目標價至2.8元
匯豐研究發表研究報告,指出在現今動盪市況下,首選板塊爲內銀股,因爲該行覆蓋的大多數內銀每股盈利平均按年增長10.9%,超過預期;去年下半年的淨息差趨穩,資產質量適度改善;普通股權一級資本比率增加。不過,匯豐稱內銀的財富管理業務在去年上半年表現強勁後,其增長勢頭於去年下半年及今年迄今爲止有所放緩,而且內銀的資產質量表現分化。 該行對內銀的2022至2023財年每股盈測作出調整,由下調11.2%至上調17.3%不等。而在內銀股中,該行偏好工行(01398.HK)A/H股、建行(00939.HK)A/H股、交行(03328.HK)H股及信行(00998.HK)H股,全予以「買入」評級,認爲工行和建行具強大客戶網絡、穩健的資產質量和領先同業的普通股權一級資本比率,或可在將來作出回購;看好交行的零售業務等;另考慮到信行資產質量、淨息差和普通股權一級資本比率有改善趨勢,對其目標價由4.6元上調至6.2元。 此外,匯豐研究對民行(01988.HK)維持「持有」評級,目標價由3.1元削至2.8元,同時將其2022及2023財年每股盈測下調7.6%及11.2%。
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