《大行报告》高盛降港银股盈测3% 目标价全线下调
高盛发表研究报告,指香港银行股相对於去年的低位而言,今年的股价开始有所好转。由於香港经济深度衰退,减息及失业率上升,导致经营环境持续疲弱、香港股行股的股价本年至今仍走低(平均跌17%),该行持续强调其价值吸引力,香港银行股提供吸引的风险回报,但上行空间则要取决於宏观复苏情况。
为了反映更低的香港银行同业拆息预期及更高的信贷成本,该行将四大本港银行股2020至2022年的每股盈利预测平均下调约3%。目标价亦平均下调3%(详见另表),但重申对中银香港(02388.HK)及恒生银行(00011.HK)「买入」投资评级,股价分别有43%及26%的潜在上行空间。
该行预期,今年下半年港银的净利息收入在按年的基准下看会受到最大影响。明年的净息差收窄幅度会较少,再加上明年资产增长持续(及加快),明年净利息收入料录持平或正增长。
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