大摩:維持對香港金融股謹慎看法 升匯控(0005.HK)等的目標價
摩根士丹利發表報告指,因利率上升,香港銀行股在2016年至2019年間有良好表現,但未來兩至三年或需面對更艱難情況,主因利率走低、融資高度競爭及來自新銀行的競爭在今年有所加劇等,此等因素將令銀行收入持續疲弱。
該行預期,香港銀行在今明兩年全部的主要收入項目均會受壓,而核心撥備前利潤料將每年下降4%,為該行覆蓋研究的亞洲銀行業中最弱,雖然去年港銀股價表現跑輸,但該行認為此等因素仍未於股價中反映。
大摩維持對香港金融股的謹慎看法,但認為去年第四季Hibor上升有助銀行盈利表現,及為股價提供短期穩定性,為投資者“
減磅
”的機會。該行上調對匯豐控股(0005.HK)
股份目標價,由51港元升至52港元,評級“
減持
”;渣打集團(2888.HK)
目標價由56港元升至63港元,評級“
減持
”;中銀香港(2388.HK)
目標價由26港元升至28港元,評級“
與大市同步
”。
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