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《大行報告》高盛將郵儲行(01658.HK)納入確信買入單名 升農行(01288.HK)評級至「買入」
阿思達克 03-05 10:08
高盛發表研究報告指,中國銀行業正重新走入與2017年相同的緊縮周期中,將令投資者對高質素的銀行,包括招行(03968.HK)等興趣提升,而郵儲行(01658.HK)、農行(01288.HK)亦會跑贏同業,因宏觀情況會較當時好,因即使沒有提升指標利率,銀行亦可以受惠利率上行改善淨息差。該行將郵儲行納入確信買入單名,農行評級亦由「中性」升至「買入」。

該行指,上述因素反映由2020年3月起計一年的情況,並計入如2015年出現的下行風險,及行業遭拋售等,看好招行與農行。估值差距相對收窄,銀行業有較健康的資產負債表、利潤持續改善、資產質素改善、以及較高的風險緩衝,當中又特別看好大型內銀股。

該行指,在是次的周期有兩項新因素,包括影子銀行的清理,以及潛在釋放風險緩衝以帶動股本回報。

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