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《大行報告》麥格理升工行(01398.HK)、建行(00939.HK)評級至「跑贏大市」 首選中行(03988.HK)
麥格理發表研究報告指,即使明年首季內地現有抵押貸款或有重置的風險,但預料國企銀行將獲估值重評,因重視收益及社會責任的機構投資者或增加持倉。相反,該行對混合所有制銀行維持審慎看法,主要是不太相信開發商行業的信貸危機已結束,並認為銀行業的經調整股本回報率將於由今年料10.2%跌至明年的9.6%,並在2024年反彈回升至10.9%。 該行表示,內銀股首選中行(03988.HK),評級「跑贏大市」,主因其擁有龐大海外市場敞口,同時工行(01398.HK)、建行(00939.HK)投資評級亦由「中性」升至「跑贏大市」。麥格理最不看好招行(03968.HK),評級「跑輸大市」,因料招行將受累於財管產品收入縮少及招行自房地產信貸業務中減少敞口。麥格理上調該四家內銀H股目標價,詳見另表。
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