花旗:港銀資產質素穩定 行業首選渣打(2888.HK)
花旗發表研究報告指,香港本地銀行的資產質素穩定,今年撥備減少,明年亦將温和復甦。在行業當中,該行首選為渣打(2888.HK),其次匯控(0005.HK)及中銀香港(2388.HK),然後是恆生銀行(0011.HK)。
花旗表示,在資產質素方面,渣打銀行今年的資產質素情況令人驚喜,並預料下半年貸款損失將持續改善,其不良貸款覆蓋率亦是香港銀行當中最高。匯豐銀行就仍面臨不利的撥備情況,貸款損失指引為80億至130億美元,基本上與今年的不利因素基本相符。在宏觀經濟下行下,匯豐和恆生第二級的貸款撥備增幅最大,按半年比增加約一倍,而渣打在第二階段就只增加了8%。預期信貸損失(ECL)的敏感性反映出,其下行空間受到經濟下行的限制。
該行指,匯豐的不良貸款形成風險更大,該行的次級及高風險第二階段貸款覆蓋率亦較低,預計其第三階段的撥備將保持目前的水平。
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