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《大行報告》花旗:內銀首選建行和郵儲行 降民行評級至「中性」
阿思達克 04-07 16:06
花旗發表報告指,其追蹤的內銀第四季撥備前盈利按年增長6.6%,高於第三季的3.8%增幅,主要受到資產負債表擴張及非利息收入的支持。計及撥備,內銀第四季盈利按年增長44.7%,對比第三季則按年倒退3.7%,顯示季內撥備壓力消減。

該行指,郵儲銀行(01658.HK)、中國銀行(03988.HK)及中信銀行(00998.HK)去年稅後盈利表現好於預期,民生銀行(01988.HK)表現則令人失望。該行偏好大行多於小型銀行,料今年首季由於流動性收緊,內銀非利息收入疲弱,惟大型銀行在基數低的情況下相對有利。另外在資金成本上升及資本要求提高的前提下,大型銀行所受的影響較小。該行相信今年首季內銀撥備前盈利增長將令市場失望,估值較高的小型銀行將受到較大負面影響。

基於以上情況,該行下調民行評級自「買入」降級至「中性」,以反映其具挑戰性的不良貸款前景,首選則為建設銀行(00939.HK)及郵儲行。

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