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《大行報告》匯豐研究降東亞(00023.HK)評級至「持有」 港銀首選中銀(02388.HK)
匯豐研究發表研究報告指,香港銀行股現時正進入一個多年的重新評級周期,預計今明兩年淨息差將在擴大,明年信貸週期可望改善,而資本回報將在2023至2024年增加。 該行指出,年初至今港銀表現跑贏大市10至30個百分點,對香港銀行業繼續抱積極看法,預期今明兩年的利率週期非常有利,估計今年淨息差將自去年的接近歷史低位大幅回升,每加息25個基點可使銀行盈利增加10%至13%。 同時該行預期今年惡化的信貸週期將於明年起改善,憧憬疫情相關影響消退,大灣區內合作增加,預期被壓抑的貸款需求將得到釋放。 匯豐研究首選為中銀香港(02388.HK),予「買入」評級,目標價由34.5升至35.5元,同時維持大新金融(00440.HK)及大新銀行(02356.HK)的「買入」評級,目標價分別由43元及12.2元,降至33元及9.5元。 考慮到東亞銀行(00023.HK)內房相關信貸風險高於同業,匯豐研究將其投資評級由「買入」下調至「持有」,目標價由16.8元降至12.4元。
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