《大行报告》高盛将邮储行(01658.HK)纳入确信买入单名 升农行(01288.HK)评级至「买入」
高盛发表研究报告指,中国银行业正重新走入与2017年相同的紧缩周期中,将令投资者对高质素的银行,包括招行(03968.HK)等兴趣提升,而邮储行(01658.HK)、农行(01288.HK)亦会跑赢同业,因宏观情况会较当时好,因即使没有提升指标利率,银行亦可以受惠利率上行改善净息差。该行将邮储行纳入确信买入单名,农行评级亦由「中性」升至「买入」。
该行指,上述因素反映由2020年3月起计一年的情况,并计入如2015年出现的下行风险,及行业遭抛售等,看好招行与农行。估值差距相对收窄,银行业有较健康的资产负债表、利润持续改善、资产质素改善、以及较高的风险缓冲,当中又特别看好大型内银股。
该行指,在是次的周期有两项新因素,包括影子银行的清理,以及潜在释放风险缓冲以带动股本回报。
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