《大行报告》摩通一举升恒生(00011.HK)评级至「增持」 上调东亚(00023.HK)至「中性」
摩根大通发表研究报告,指香港银行股可能在2021财年开始迎上周期性盈利复苏,加上地缘政治不确定因素消退及个别银行的股息收益率潜在上升。该行将恒生银行(00011.HK)的投资评级由「减持」一举上调至「增持」,并将东亚银行(00023.HK)的评级由原来的「减持」调高至「中性」,而中银香港(02388.HK)直至公布全年业绩前,应会维持相对跑赢大市的表现。
报告预期,净息差将会在下半年继续受压,甚至跌破全球金融危机後的历史低位,这是由於较高的银行体系余额、更趋平的孳息率曲线、《巴塞尔协议III》下更严格的流动性要求以及较不利的定价结构所致。但是由於活期及储蓄存款比率提高、孳息率曲线趋於陡峭,及经济环境改善推动更为有利的贷款结构,令2021财年的利润率表现或会连续复苏。
另外,摩通指主要银行的信贷成本在第三季录按季下跌,而资产质素及预期信贷损失转移的情况好过预期,预期信贷成本将会在2021财年录按年下跌,但仍会高於正常水平。
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.