一文了解大行对中银(02388.HK)季绩後最新目标价及观点
中银香港(02388.HK)今日股价靠稳，券商普遍指上季绩佳，但关注第四季业绩表现。中银昨日(30日)收市後公布首三季业绩，期内提取减值准备前之净经营收入按年升7.4%至442.69亿元。若计入外汇掉期合约资金收入或成本，净利息收入为321.75亿元，按年增加10.5%，主要由净息差扩阔及平均生息资产增长带动。首三季提取减值准备前的经营溢利按年增长7.3%至326亿元；计入外汇掉期合约的资金收入或成本後的净息差按年上升10个基点至1.7%。
中银第三季，集团提取减值准备前之净经营收入为151亿元，按季上升3%。若计入外汇掉期合约的资金收入或成本，净利息收入按季增加1.8%，其中净息差按季上升1个基点至1.72%。提取减值准备前的经营溢利则为109.59亿元，按季上升2.3%。
【首三季费用收入按年跌近5%】
中银香港指，受全球经济放缓和中美贸易摩擦的冲击，以及近期社会活动影响，香港经济增长动力显着下降，旅游、酒店、零售和进出口贸易受到较大影响，失业率回升。虽然股票市场波动性增加，但金融系统维持有效运作，银行体系保持稳健。
摩根士丹利指，中银提取减值准备前净经营收入较预期高6%，非由净利息收入或费用收入推动，而是由波动性收入来源推动。净息差按季升1个基点，信贷损失较预期少，费用收入按季跌17%，存款按季收缩2%。该行指出，中银香港估值相对其他本港同业吸引，并有5.5厘股息，但第四季及2020年盈利状况将更困难，基於利率下跌及香港经济放慢，维持对中银香港「与大市同步」评级，目标价26元。
【高盛指中银香港非恐惧中那麽糟】
高盛指出，中银香港季度收益胜该行预期，受惠高交易收益，成本大致符合预期，并导致提取减值准备前净经营收入胜预期。该行又指，中银信贷质量稳定，信贷成本按季显着下降，後者令看淡者感到意外。该行相信中银股价对季绩反应正面，整体显示中银香港业务并非如恐惧中般差劲，亦为该行看好中银香港的理由。高盛维持对中银香港「买入」评级，目标价35.1元。
本网最新综合8间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
汇丰环球研究│买入│39.8元
瑞银│买入│39.1元
高盛│买入│35.1元
美银美林│买入│31.7元
摩根大通│增持│30.6元花旗│中性│28元
海通国际│中性│28元-27.35元
摩根士丹利│与大市同步│26元券商│观点
汇丰环球研究│季积强劲，关注第四季情况
瑞银│费用收入逊预期，但整体业绩胜预期
高盛│季绩胜预期，建议买入
美银美林│季绩强劲，息差及信贷成本稳定
摩根大通│提取减值准备前净经营收入及信贷成本稍胜预期
花旗│在挑战性宏观环境下盈利胜预期
海通国际│净息差改善，但费用收入疲弱
摩根士丹利│溢利胜预期源於波动因素，香港经济放缓影响初现
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