大行評級 | 美銀證券:料內銀上半年盈利增長強勁 內銀H股現時板塊估值吸引
格隆匯8月9日丨美銀證券發表報告,料內銀上半年盈利增長強勁,料上半年純利增長平均可達12%,高於首季的2%,主要由於去年同期撥備較高及盈利基數較低。該行料大型國有銀行盈利增長約10%,大幅高於其過去數年盈利持平至5%的增幅。中型銀行盈利增長則料介乎10%至20%。內銀經營狀況料穩健,撥備前盈利將錄得低至中單位數增長。
報告指,內銀H股本年至今累跌2%,跑贏MSCI中國指數及恆指分別11個百分點及2個百分點,現時板塊估值吸引,股息率近歷史高位的7.6%。銀行股近期受到互聯網公司及發展商監管收緊的憂慮影響而下跌,該行認爲相關措施對銀行的資產質素影響非常有限,相信內銀未來數月仍會跑贏中國市場,主要受惠於次季及第三季業績表現強勁、較低政策風險及低估值。
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