高盛:維持中銀香港(2388.HK)買入評級 目標價35.5港元
高盛發表報吿,中銀香港(2388.HK)將於4月29日收市後公佈今年首季的主要運營數據。預計首季淨息差(NIM)平淡趨勢,去年基本第4季淨息差為1.16%,但香港銀行同業拆息(HIBOR)在首季按季下降12個基點,確實會構成一些下行風險,預計首季營業利潤將下降13%,上半年降6%,在2020年下半年出現下降16%,然後預計今年下半年開始上升,增長8%。維持對該股的買入評級,目標價不變35.5港元。
報吿指,資產負債表的增長和增加CASA(存貸)組合抵消。預計首季資產負債表按季增長約3%。今年年初期間穩健的股票市場交易量應導致更高手續費及其他非利息收入。首季收入料按季升19%,按年則因較低淨息差而下降8%。
該行指,預計中銀香港今年首季及上半年運營支出分別增長5%及1%。 由於去年收入下降,成本得到了很好的控制;預計今年收入的穩定,運營費用温和增長。在信用質量方面,不會在遇到重大問題,預計首季信貸成本為16個基點。

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