大摩:維持對港銀審慎看法 予匯控(0005.HK)等“減持”評級
大摩發表報告指,維持對港銀審慎看法,指其盈利能力正面臨結構性下降,主要由於更高融資成本致利潤率下降,零售銀行業務亦面對激烈競爭,料大型銀行過往高達20%至23%普通股權一級資本回報之高利潤情況將不再。加上經濟環境有機會轉弱,有機會進一步上調銀行信貸成本預測,經去年下半年社會事件後,該行已上調大部份銀行貸款之信貸成本預測,自10至12點子上調至20至25點子,信貸成本將是最大未知之數。
該行指2003年SARS緊接亞洲金融危機,2003年上半年信貸成本曾一度升至38點子,其後於下半年回落至20點子。面對以上因素,籲投資者勿沾手港銀,對匯控(0005.HK)
、恆生(0011.HK)
、渣打(2888.HK)
及東亞(0023.HK)
評級皆為“
減持
”。
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