《大行報告》高盛降恆生(00011.HK)評級至「中性」 目標價維持160元
高盛發表研究報告下調恆生銀行(00011.HK)投資評級,由「買入」降至「中性」,目標價維持160元,指恆生在該行覆蓋本地銀行股中潛在上行幅度最小。高盛稱恆生中期盈利遜預期,見證了收入低於預期及成本上升。
報告稱,恆生盈利展望未有如匯控(00005.HK)/渣打(02888.HK)般提供貸款減值緩衝釋放帶來的復甦。此外,隨着經濟重啓,企業及中小企貸款需求預期上升,相較中銀(02388.HK),恆生對該領域貸款敞口較小。因此料恆生盈利及每股分派復甦較緩慢。
高盛表示,恆生企業貸款敞口較小,在疫情期間,依賴樓市,其零售及物業貸款業務表現良好,不過現時起貸款需求料由企業(及中小企)帶動。這料致恆生在明後兩年貸款增長跑輸中銀介乎4至6個百分點。
報告補充,相較中銀,恆生具相當估值溢價。直至2023年,港美利率料維持低企,恆生便宜的家庭及中小企資金基礎,帶來的回報亦明顯較低,收窄恆生與中銀的股本回報率差距。
考慮上述因素後,高盛降恆生投資評級,板塊內喜好中銀、匯控及渣打。詳細投資評級及目標價見另表。
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