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匯豐研究:港銀估值吸引力已現 較看好大新金融及中銀香港
格隆匯 01-03 11:53

匯豐研究發表研究報告稱,儘管宏觀經濟放慢,香港銀行板塊貸款及存款在11月亦有温和增長,而淨息差亦受惠銀行同業拆息(HIBOR)短期高企,惟貸款需求疲弱所帶來的結構性挑戰仍然持續。該行認為本地銀行股在估值上吸引,但收入前景仍有挑戰,較傾向選擇大新金融(00440.HK)及中銀香港(02388.HK)。

該行指出雖然宏觀市場仍然波動,香港市場的存款在11月按月仍升0.4%,是繼9月份温和下跌後連續第二個月呈按月升勢,而活期及儲蓄存款(CASA)的組合按月改善20個基點至50.6%,港元存款按月微跌0.1%而美元及人民幣存款則分別按月升1.4%及1.1%。該行認為存款增長健康部分是受惠IPO活動,部分抵銷了恆指下跌2.1%所帶來的壓力,由於恆指在12月升約7.5%,該行相信在2019年底前將有進一步的存款流入。

匯豐研究指出去年11月港銀貸款按月增0.2%,當中外幣貸款按月升1.7%惟港元貸款則按月跌0.8%,而於香港使用的貸款按月微升0.1%而在香港以外使用的貸款則按月升0.3%,行業的貸存比率微跌0.3個百分點至71.1%。

該行指出HIBOR及LIBOR之間的差距自2019年11月開始擴大,而受季節性因素影響在12月進一步擴闊,去年12月一個月LIBOR平均按月跌13個基點而一個月HIBOR則按月升85個基點,認為HIBOR上升短期可為去年第四季的淨息差帶來支持,但貸款需求弱仍會為2020年初的淨息差帶來壓力。

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