《大行報告》星展下調中銀香港(02388.HK)目標價至29.7元 貸款餘額保持強勁增長
星展發表研究報告指,中銀香港(02388.HK)上半年純利升34.7%勝市場預期,其資產質量和貸款餘額增長優於同業,料將繼續保持優勢,因為其在選擇優質借款人方面擁有更高的議價能力。該行預計,中銀香港2023財年盈利將增長22%,主要是由於利率上行週期時淨息差擴張及貸款餘額穩定增長。該行料利率在明年下半年下降,預計中銀香港2024及25財年的盈利按年增長率將為低單位數。另外,中銀香港憑藉母公司中國銀行(03988.HK)的廣泛分支機構網絡,在大灣區和東盟擁有強大的影響力,長遠來看將成為下一個收入增長引擎。
星展預期,今年香港GDP增長4.8%,隨著中長期內地及香港經濟進一步復甦,料將對中銀香港2024及25財年的貸款增長和資產質量產生積極影響,其中預計貸款將出現中至高單位數增長,信貸成本將呈下降趨勢。
星展下調中銀香港2024及25財年盈測各約2%,以反映利率下行週期,目標價由33.3元下調至29.7元,評級「買入」。
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