大行評級|摩根大通:內地向國有大行注資可能攤薄每股盈利 下調交行目標價至5.8港元
摩根大通發表報吿指出,市傳中國計劃對大型國企銀行注資1萬億元人民幣,該行料如以追蹤賬面價值一倍發行,可能導致股本回報率攤薄56個基點,每股盈利攤薄7.1%;如以市價發行,則可能攤薄每股盈利11.2%。該行估計,國企銀行如目前的反彈持續,相信其有絕對的上升空間,但由於對服務國家政策風險及資產質量週期的憂慮,國企銀行的表現或跑輸市場及高增長的銀行股(如招行及浦發行)。該行將交行的目標價由6.1港元下調至5.8港元,評級“中性”。
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