《大行報告》中金:看好高息環境下港銀投資機會 首推匯控(00005.HK)
中金發表報告指,截至昨日(26日),恆生指數較年初下跌17%,而香港銀行整體股價上漲4%,實現21個百分點的相對收益。在歷史加息周期中,香港銀行整體能夠取得較好的絕對收益與相對收益。同時,香港銀行的表現存在明顯分化,匯控(00005.HK)、渣打(02888.HK)兩家國際銀行表現明顯好過本地銀行。
該行指,展望2024年,看好高利率環境下,香港銀行的投資機會,其中國際銀行優於本地銀行,主要得益於國際銀行在本輪加息周期中資產質量穩健、業績及股東回報提升的確定性較強。個股而言,維持首推匯控,預計公司今明兩年核心ROE分別16%和14%,股東回報率分別13%和17%。中銀香港(02388.HK)當前估值性價比較高,在短期地產相關風險出清後,伴隨本地經濟復甦,明年ROE有望回升至12%,公司明年預測市賬率僅為0.7倍,股價或具較大彈性。
中金表示維持匯控「跑贏行業」評級及目標價76.5元,維持對渣打「中性」評級及目標價76.2元。
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