《大行報告》中金:港銀股首推中銀(02388.HK) 指基本面改善 不止僅來自本輪加息周期
中金公司發表研究報告指,在香港的銀行中首選中銀香港(02388.HK),認為其基本面改善不止是來自本輪加息周期,指其均衡的收入結構、穩健的資產質量及獨特的戰略定位,均是未來盈利能力進一步提升的重要來源。報告提到,中銀香港2010至2021年ROA均值分別為1.1%和12.6%,僅次於恆生銀行(00011.HK)。
該行表示,從中短期來看,利率上行有助帶動中銀香港業績得到改善,預計公司2022至2023年的調整後息差將分別提升29和27個基點,各至1.38%和1.65%。
中金表示,中銀香港的內房敞口風險可控,截至上半年底,其78%敞口為國企客戶,信用成本表現顯著優於同業。由於其息差改善優於預期,分別上調中銀今明兩年的盈測3%和3.2%,各至306.87億及385.42億元,該行維持對中銀「跑贏大市」評級及目標價32.38元。
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