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《大行報告》高盛:續偏好匯控(00005.HK)及渣打(02888.HK) 中銀(02388.HK)勝恆生(00011.HK) 下調部分港銀目標價
高盛發表報告指,中國房地產風險敞口導致港銀蒙受的損失上升,投資者已有預期,股價亦已反映相關負面因素,目前港銀本港房地產業務的減值並非太嚴重,但港銀相關敞口則大得多,預期有不少銀行今年起需要開始適度計提撥備,不過相信其對銀行盈利的影響有限。總體而言,高盛將港銀2023至2024財年平均每股盈利預測平均下調7%及8%,2025至2026財年則上調2%,未來12個月目標價則平均下調6%。 該行維持對渣打(02888.HK)、匯控(00005.HK)及中銀香港(02388.HK)的「買入」評級,維持東亞(00023.HK)及大新銀行集團(02356.HK)的「中性」評級,對恆生(00011.HK)續予「沽售」評級。高盛維持對渣打及匯控目標價為85及84元,並將中銀香港、恆生、東亞及大新銀行目標價分別下調至28.8元、107元、12.1元及6.4元。 高盛指,渣打擁有全港最低的中國商業房地產敞口,將是一個相對優勢;至於匯豐則是看好其流動資產負債表、供應鏈轉移的業務敞口、不斷增長的中國財富管理業務、完成出售加拿大業務後資本回報步伐加快的潛力,以及約8%的股息回報率。
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