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瑞銀:債息上升利好銀行及具強勁資產負債表股份,予港交所等股買入評級

瑞銀髮表研究報吿指,市場對全球經濟增長前景及中國經濟受疫情影響的擔憂,MSCI香港指數4月下跌5%,與MSCI 亞洲(日本除外)指數表現一致。

瑞銀又指,4月份美國十年期國債收益率及市場對美聯儲加息預期上升,亦是令MSCI香港指數受壓的原因,目前美國十年期國債收益率接近3%,對比3月底為約2.3%,實際收益率已轉為正值,認為較高的利率可能會導致MSCI香港指數的盈利增長放緩。

該行表示,基於2021至2023年每股盈利複合年增長率達到10%,對香港股票保持審慎樂觀,預計將成為今年驅動MSCI香港指數回報的主要因素。港府宣佈放寬社交距離措施,瑞銀因此將香港科技探索(1137.HK)剔出港股最偏好名單,目前最偏好友邦(1299.HK)、恆生(0011.HK)、中銀(2388.HK)、長和(0001.HK)、銀娛(0027.HK)、金沙中國(1928.HK)及電訊盈科(0008.HK),最不偏好的股份則為太古地產(1972.HK)及恆地(0012.HK)。

另外,在收益率上升的環境下,瑞銀預計資產負債表強勁的銀行及企業將跑贏大市,列出7只淨債務對EBITDA的比率低於2倍、具“買入”評級的股份,包括港交所(0388.HK)、百威亞太(1876.HK)、長和、銀娛、中電(0002.HK)、電能實業(0006.HK)及萬洲國際(0288.HK)。

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