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高盛:维持中银香港(2388.HK)买入评级 目标价35.5港元
格隆汇 04-20 12:54

高盛发表报告,中银香港(2388.HK)将于4月29日收市后公布今年首季的主要运营数据。预计首季净息差(NIM)平淡趋势,去年基本第4季净息差为1.16%,但香港银行同业拆息(HIBOR)在首季按季下降12个基点,确实会构成一些下行风险,预计首季营业利润将下降13%,上半年降6%,在2020年下半年出现下降16%,然后预计今年下半年开始上升,增长8%。维持对该股的买入评级,目标价不变35.5港元

报告指,资产负债表的增长和增加CASA(存贷)组合抵消。预计首季资产负债表按季增长约3%。今年年初期间稳健的股票市场交易量应导致更高手续费及其他非利息收入。首季收入料按季升19%,按年则因较低净息差而下降8%。

该行指,预计中银香港今年首季及上半年运营支出分别增长5%及1%。 由于去年收入下降,成本得到了很好的控制;预计今年收入的稳定,运营费用温和增长。在信用质量方面,不会在遇到重大问题,预计首季信贷成本为16个基点。

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