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《大行報告》美銀證券:內銀股季績確認復蘇 淨息差近四季度來首度回升
阿思達克 11-02 15:42
美銀證券發表告表示,內銀H股今年第三季度純利續見改善,由今年上半年按年少賺10%,至今年首九個月跌幅收窄至8.5%;首九個月核心盈利按年上升5%,惟對比今年首季及上半年按年分別升7%及6%,中型內銀股如光大銀行(06818.HK)、中信銀行(00998.HK)、民生銀行(01988.HK)核心盈利增長續領先同業,主要受益於同業間拆借寬鬆的環境。

該行指,隨著中國經濟於今年首季見底,銀行盈利應已在第二季見底,但內銀股股價今年以來股價累跌16%,表現落後市場,估值相當於預測市賬率0.5倍已近歷史低位,該行估計內銀股於未來6至12個內估值水平將修復市賬率約0.7倍,並指該行在內銀股的首選包括工行(01398.HK)、農行(01288.HK)及光大銀行,指目前是長線投資的吸納機會。

美銀證券表示,內銀股於今年第三季純利按年平均跌5%,較今年第二季25%跌幅明顯收窄,指向行業進一步復蘇的趨勢,而管理層指引亦變得更為樂觀。而該行指,內銀今年第三季淨息差按季平均反彈3個基點,為近四個季度以來首度回升。

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