《大行报告》高盛下调中银香港(02388.HK)目标价至34.8元 评级「买入」
高盛发表研报指,中银香港(02388.HK)首季经营溢利按年跌12%,较该行预期高出1%。该行指,期内HIBOR走势按季平稳回落,其他银行净息差都大致持平,但中银香港净息差按季收窄5个基点至1.11%,跌幅超出该行预期。
期内净利息收入分别按年及按季下跌22%及1.8%,表现疲软,较高盛预期低约2%。年初投资市场气氛良好,交投活跃,令中银香港手续费收入增长高出该行预期14%,但交易及其他收入表现较差,当中非利息收入较预期少约1亿元,令该行首季整体收入亦较高盛预测低约2%。
考虑到表现较预期弱,高盛将今年每股盈利预测温和下调1%,并将2022至2023年下调2%,估计至2023年净息差将保持在约1.12%水平,下调目标价至34.8元(原本35.5元),并维持「买入」评级。
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