《大行報告》高盛降中銀香港(02388.HK)目標價至26.7元 下調盈測
高盛發表研究報告表示,近日與中銀香港(02388.HK)管理層就資產質量、淨息差、淨利息收入、手續費收入、成本控制及資本回報等議題進行探討。報告引述中銀香港管理層指,目前對香港房地產投資組合相對較高的資產質量,以及高抵押率仍然感到滿意,認為不良貸款率較低,只有約0.1%,在企業層面的槓桿率並不高,認為市面上仍有充裕融資渠道。
高盛預期,雖然HIBOR在去年底仍處於高位,但中銀香港的淨息差依然可能會受到資產負債表變化,以及客戶存放資金流動所影響,目前相信截至去年底CASA比率仍趨向穩定,去年下半年淨息差料較上半年上升。
報告稱,市況疲弱或導致該行2023年手續費收入下降,高盛將中銀香港2023至2026年各年每股盈測分別下調2%、9%、13%及4%。計及該行最新經營狀況和美聯儲減息預期,高盛對中銀香港維持「買入」評級,目標價則從28.8元降至26.7元。
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