《大行報告》花旗調整港銀目標價 看好中銀香港(02388.HK)多於恆生(00011.HK)
花旗表示,亞洲銀行在加息週期中表現良好,而香港銀行對美國加息最爲敏感,然而在疫情後的復甦週期中,香港銀行的表現落後於區內大多數市場的銀行。
花旗假設美國聯儲局2024財年的終期利率爲2.5%,預計本地銀行的淨息差將超過2019年的水平,股本回報率介乎13%-14%,相對2021財年爲高單位數。
不過花旗指出,本地和全球經濟前景對香港銀行的貸款增長、手續費收入和資產質量構成壓力。由於估值較低且成本控制較好,看好中銀香港(02388.HK)多過恆生(00011.HK)。中銀香港去年下半年盈利更具韌性。匯控(00005.HK)則提供回報吸引,而且在俄烏局勢構成的下行空間和市場波動可控。該行將渣打(02888.HK)目標價由61.7元上調至62.6元,但將評級改爲「中性/高風險」。
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