《大行報告》大摩:英美央行近期決策或加快利好銀行淨息差 匯控(00005.HK)、渣打(02888.HK)及星展對息差最敏感
美國聯邦公開市場委員會(FOMC)暗示明年或加息三次,摩根士丹利發表研究報告指出,假設香港銀行同業拆息(HIBOR)及新加坡銀行同業拆息(SIBOR)跟隨滯後六個月,或利好明年第四季新加坡和香港銀行的淨息差表現,較原先預期的2023年第一季有所加快。加上英倫銀行貨幣政策委員會(MPC)出乎市場預期宣佈加息,料匯豐控股(00005.HK)將較其他亞洲銀行有利,但與英國同業相比則處於劣勢。
該行認爲,匯控、渣打集團(02888.HK)及星展集團對息差最爲敏感,匯控及渣打較易受到HIBOR及SIBOR早期變動的影響,2022及2023財年的每股盈利預測分別有約2%,以及7%至9%的潛在上升,同予「與大市同步」評級。而星展於2022財年及2023財年每股盈利預測料分別有1.5%及6%上行空間,評級「增持」。
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