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大行評級丨高盛:全線上調所覆蓋主要內銀目標價 招行評級升至“買入”
格隆匯 01-10 14:08

高盛發表報吿表示,料中國內地政府今年財政赤字將增加,以支持GDP增長,並認內銀股仍被低估,市場關鍵焦點是行業是否正面臨轉折點,該行相信如果相關政策得以實施,內銀可能會因充足的資本,並將有序的增長、損失減少及持續的股息令板塊獲得重新評級。該行觀察到,內地宏觀寬鬆政策為行業奠定基礎,預計2025年全國兩會的重點將是內銀資本重組、抵押貸款政策放鬆和地方政府債務成長,將可恢復內銀估值及改善基本面。

高盛表示,借鏡日本銀行同業獲重評的經驗,認為低利率並非壓縮內銀股估值的核心因素。相反,估值形成的關鍵因素是充足的資本、不再惡化的資產負債表以及持續的股東回報。高盛全線上調所覆蓋主要內銀目標價,並將招行評級由“中性”升至“買入”,H股目標價由36.83港元升至47.36港元,將農業銀行和工商銀行的評級均由“沽售”上調至“中性”,將農行H股目標價由3.12港元升至4.77港元,將工行H股目標價由3.96港元升至5.62港元,將中行評級由“中性”升至“買入”,將H股目標價由3.57港元升至4.91港元。

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