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《大行報告》大摩:是時機收集內銀股 升農行(01288.HK)評級至「增持」
阿思達克 10-19 11:47
摩根士丹利發表研究報告,指相信市場對內地銀行股的憂慮已由宏觀或不良貸款風險,轉移至政策窗口指引的不確定性。該行因此調整其盈利及估值模型以反映這些改變。即使考慮到政策指導的某些永久性影響,但仍因為估值向下重評的情況已過頭,並認為是時候收集內銀股。

該行指,隨著疫情的影響消褪,經濟復甦持續擴大,市場對中國長期經濟增長的擔憂已明顯減少。此外,在疫情期間,穩定的金融體系和不良貸款形成的可控性也減少了市場對金融系統性和不良貸款風險的擔憂,尤其是考慮到政策支持。

該行相信,這可能會增加市場對中國維持健康GDP增長能力的信心,這也將轉化為信貸和資本需求的健康狀況,從而使內銀股的股本回報率(ROE)更長時間維持穩健。大摩將農行(01288.HK)的投資評級由原來的「與大市同步」上調至「增持」,目標價由原來的4.1元下調至3.5元。

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