《大行報告》麥格理:關注內地國有銀行資產向下重新定價 行業首選中行(03988.HK)
麥格理發表研究報告指出,內地國有及地區銀行於過去一年的表現優於恆指及滬深300指數,主要由於他們對房地產發展商的敞口較少,至於股份制銀行表現則嚴重不佳。
不過,該行關注內地國有銀行資產,尤其是抵押貸款方面向下重新定價。雖然地區銀行最受惠於存款利率改革,但其股本回報率(ROE)與地方政府的命運密切相關。在內房風險下,相信招行(03968.HK)等股份制銀行因來自財富管理產品的壓力將持續跑輸。該行重申對招行「跑輸大市」評級,目標價30元。行業中,麥格理首選中行(03988.HK),認為中行擁有大量外幣存款,於內地及國外的利率較多元化。
麥格理對內銀股最新評級及目標價表列如下:
國有銀行
股份|評級|目標價(港元)
工商銀行(01398.HK)|中性|4元
建設銀行(00939.HK)|中性|4.8元
中國銀行(03988.HK)|跑贏大市|3.5元
股份制銀行
股份|評級|目標價(港元)
招商銀行(03968.HK)|跑輸大市|30元
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