《大行報告》高盛降港銀股盈測3% 目標價全線下調
高盛發表研究報告,指香港銀行股相對於去年的低位而言,今年的股價開始有所好轉。由於香港經濟深度衰退,減息及失業率上升,導致經營環境持續疲弱、香港股行股的股價本年至今仍走低(平均跌17%),該行持續強調其價值吸引力,香港銀行股提供吸引的風險回報,但上行空間則要取決於宏觀復甦情況。
為了反映更低的香港銀行同業拆息預期及更高的信貸成本,該行將四大本港銀行股2020至2022年的每股盈利預測平均下調約3%。目標價亦平均下調3%(詳見另表),但重申對中銀香港(02388.HK)及恆生銀行(00011.HK)「買入」投資評級,股價分別有43%及26%的潛在上行空間。
該行預期,今年下半年港銀的淨利息收入在按年的基準下看會受到最大影響。明年的淨息差收窄幅度會較少,再加上明年資產增長持續(及加快),明年淨利息收入料錄持平或正增長。
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