《大行報告》美銀證券:內銀股基本面改善 估值近歷史低
美銀證券發表報告,指出內地銀行業正看到基本面及宏觀經濟改善。中國整體信貸增長由1月份的13.2%提速至13.5%,而信貸對GDP的高增長倍數將帶動第四季至明年上半年的GDP強勁復甦。在8月份,狹義貨幣M1增長率為8%,創2018年2月份以來新高,將推動PPI復甦,及未來6至12個月的工業盈利增長。
該行又提到,內地銀行同業拆借利率及債券收益率在5月份見底,並一直在反彈。在良好的宏觀背景之下,內地銀行業普遍預期利潤率壓力將下降,交易量增長穩健及未來不良貸款形式減少,支持該行認為銀行業將迎來重新評級。
美銀證券表示,內銀股的盈利增長仍有高度的不確定性,因為監管機構或會繼續要求在下半年甚至明年提高撥備。另外,潛在的削減派息比率、每股派息及股息收益率等舉動都可能會帶來更多風險。
該行指,仍未知內銀股的盈利及股價何時會見底,但強調撥備周期將會消去。在經過一輪清算後,銀行的核心盈利能力保持不變,資產負債表也愈來愈健康。美銀證券指,內銀股目前估值接近歷史低位,認為對投資者來說是良好的開始買入機會。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.