《大行報告》摩通全線升內銀股目標價 上調農行(01288.HK)評級至「增持」
摩通發表研究報告指,市場轉為看好內銀行業,主要受惠宏觀經濟增長支持,其中資產良好或結構性改善的內銀股自10月底第三季業績披露後開始反彈。隨著盈利前景改善,該行料資金將會於今年上半年由高增長及股本回報擴張的內銀(招行(03968.HK)、郵儲行(01658.HK)和平安銀行),轉移至資產負債表具流動性和估值吸引的內銀,如建行(00939.HK)和農行(01288.HK)。
該行指,是次的升浪會由周期性復甦帶動,預期宏觀經濟於下半年放慢,繼續看好基本面穩健、結構性改善和股本回報擴張的銀行,首選招行、郵儲行和平安銀行。
摩通上調內銀股2020至2022年盈測分別11%、14%及13%,目標價亦全線上調(另見附表);同時將農行評級由「中性」升至「增持」,料農行的資產負債表和強勁存款可受益於較高的市場利率。
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