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《大行報告》美銀證券上調港銀股目標價 首選中銀(02388.HK)
阿思達克 01-07 09:48
美銀發表報告指,在中美關係緊張及疫情全球爆發的情況下,2020年充滿挑戰,預期香港全年GDP將下跌6.1%,隨著全球經濟復甦,2021年有望恢復至增長4.7%,相信今年港銀仍然要面對一定利潤壓力,但市場貸款需求改善,信貸成本下降,認為於港銀股去年股價累跌5%至17%的香港銀行股,或迎來買入的時機,特別是潛在派息可能刺激股價上行。

該行指,由於低利率環境下利潤率的急劇壓縮,預計2020年香港銀行的收入將按年下降15%至30%,相信宏觀經濟復甦,利潤率壓力可能會被更高的貸款增長和降低的信貸成本所抵消,今年前景較樂觀,首選中銀香港(02388.HK),認為其估值低,更具吸引力,僅為2021年預測市帳率0.8倍,股息率超過5%,更具吸引力,而人民幣匯價走強及人民幣同業拆借利率上升亦對其有利,維持對中銀「買入」評級,目標價上調10.9%至30.5元。

美銀指,恆生銀行(00011.HK)於2019至2020年估值亦有所下降,但仍較中銀香港的估值高出逾80%,予「跑輸大市」評級,升目標價1.3%至134.7元;東亞銀行(00023.HK)缺乏吸引力,料去年淨資產收益率降至2%,予「跑輸大市」評級,升0.8%至目標價11.9元。

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