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《大行報告》大摩料港銀股首季業績仍強 但未來迎挑戰 降渣打(02888.HK)目標價至46元
阿思達克 04-23 14:33
大摩發表研究報告指,港銀即將進入公布首季業績的時間,匯控(00005.HK)率先在4月28日派成績表,渣打(02888.HK)和中銀香港(02388.HK)緊隨其後,相信首季表現會是今年最好,但未來數季港銀會面對挑戰,主要擔心信貸成本問題。

該行指,淨利息收入表現相對強勁,主因3月聯儲局減息前的較高息率帶動,一個月HIBOR於首季平均處於180點子,按年升49點子,首兩月平均約為195點子。因此首季淨息差表現強勁,但未來數季會反映低息環境的影響。同時預期匯控和渣打貸款增長溫和,分別為1%及3%,中銀香港貸款按年增長約9%,帶動淨利息收入增長。

該行又指,交投活動於首季十分活躍,帶動交易佣金收入增長,但其他費用收入受累企業活動、消費活動減慢,交易收入則因市場波動而有不同表現。整體撥備前盈利預期有持續改善。

該行預期,市場將聚焦於各銀行管理層對收入、資產質素和派息政策的展望,並對行業維持審慎看法,未來數季經營環境會變得困難。

該行予匯控目標價44元,評級「減持」;渣打目標價為46元,評級「與大市同步」;中銀香港目標價24元,評級「與大市同步」。

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