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《大行報告》富瑞下調恆生(00011.HK)及東亞(00023.HK)目標價 港銀首選中銀(02388.HK)
富瑞發表研究報告,預期香港銀行業中期前景受到加息的積極支持,重申中銀香港(02388.HK)為首選股,認為其盈利可見度最高;而恆生(00011.HK)及東亞銀行(00023.HK)則可能面臨盈利壓力。 富瑞表示,受惠於利率對沖帶來的強勁交易收益及貸款增長,中銀香港或可跑贏行業表現,預期今年上半年純利表現穩健,料按年增長6%。 但由於市場情緒低迷及保險收入可能下降,加上與內地房地產貸款相關的撥備仍然較高,該行預計恆生及東亞上半年純利或按年下跌29%及48%,恆生目標價由162元微降至160元,東亞目標價則由15.6元降至14.5元,評級均為「買入」。 富瑞預期,香港銀行業下一個主要催化劑為HIBOR的大幅上漲,認為最早可能會在6月或7月發生,建議投資者選擇盈利能見度最高的中銀香港,予目標價37元及「買入」評級。
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