星展:內地9月新增貸款超預期 重申招行(3968.HK)建行(0939.HK)“買入”評級
星展發佈報告稱,內地9月社會融資規模及新增人民幣貸款均好於市場預期,主要原因中國人民銀行於9月下調銀行存款準備率(RRR)50個基點,使得市場流動性增加。
該行補充,今年前九個月新發行公司債券總計2.4萬億元人民幣,幾乎達到了去年全年水平,而新發行地方政府專項債券達2.2萬億元人民幣,達到年度預算的99.1%,且比預期中快。至於9月內銀人民幣貸款增速也回升至12.5%,銀行利息收入有望得益。
該行表示,本月至今,內銀股股價變動不大,介於下跌2%至升2.5%之間;以估值而言,除招行(03968.HK)外,內銀股現價相當於5年甚至歷史估值低位。該行預計,即將公佈的第三季度業績將會對行業有利,預計盈利將保持中單位數的增長率及良好的資產質量,尤其是大行,因此重申招行及建行(00939.HK) “買入”評級,目標價分別為42.9港元及9.2港元。
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