《大行報告》高盛:港銀淨息差擴張未反映 維持中銀香港(02388.HK)於確信買入名單
高盛發表報告指,本港銀行受惠於HIBOR上升得相對地較預期快,將使銀行的淨息差在第三季/下半年快速擴張。報告表示,一個月HIBOR按季上升約120點子,而該行估計美聯儲將再加息150點子,由於HIBOR落後LIBOR約50點子,因此今年第三季及第四季HIBOR估計將有130點子及190點子的上升空間,明年亦料會再進一步上升。
該行提到,受進一步加息和利率上調相關利好滯後的刺激,預計較大型的本港銀行如中銀香港(02388.HK)/恆生銀行(00011.HK),將於2021年至2024年有約60點子的淨息差擴闊,使淨息差接近2019年前的高位,同時令銀行於今明兩年有創紀錄的盈利增長,認為目前港銀的淨息差擴張並未在股價上反映。
高盛調整對港銀今年至2024年的每股盈利預測,由下調9%至上調12%不等,以反映HIBOR更快上升,及對HIBOR的高位預測提升。該行又維持中銀香港(02388.HK)於「確信買入」名單,匯控(00005.HK)及渣打(02888.HK)亦重申「買入」評級,三企目標價分別43元、75元及83元。至於恆生、東亞銀行(00023.HK)及大新銀行(02356.HK)評級均維持「中性」,目標價分別164元、14.1元及8元。
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