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宏利投資管理:地區性銀行倒閉 市場波幅為銀行業創造投資機會
阿思達克 03-16 11:45
宏利投資管理投資組合經理Ryan Lentell及高級投資組合經理Susan Curry認為,過去一周地區性銀行備受衝擊,美國政府在短短數天內關閉兩家銀行,這是2020年以來首次出現銀行倒閉事件,亦是2008年金融危機以來最大宗銀行倒閉事件之一。 他們認為,由於投資者對市場消息感到應接不暇,影響所及,銀行業股價在周一(13日)持續承受巨大壓力。部分存戶顯然仍感不安,希望把存款存入較安全的銀行以求安穩,或會對結餘超過25萬美元的存款構成壓力。不過,美國聯儲局的措施為銀行提供新的工具,以應對當前潛在的流動性危機。 不過,他們預期市場波幅為銀行業創造投資機會。整體而言,業內充斥著資本充裕、拖欠還款情況有限和財力雄厚的公司。市場行動導致個別銀行股表現分歧,有些銀行股進一步承受沽壓;有些則表現穩定。而是次倒閉的銀行實體所面對的大部分問題,應屬於個別事件,因其業務主要集中於面對龐大資金、監管或法律壓力的行業。部分銀行股現時受壓,但並無出現同樣問題,主要由於客戶基礎分散於不同行業,有助降低流動性風險。另外,大部分銀行的資產均受惠於利率上升。 他們續稱,毫無疑問,聯儲局繼續加息會加劇第四季的存款定價壓力。隨著部分競爭對手被擠出市場,預期行業將會出現整固。雖然未能確定投資者對區域銀行的憂慮將會持續多久,但相信這次波幅提供機會,讓投資者把資產分配至資本充裕及具備多元化存款基礎的機構。另估計流動資產保持強勁,而且受惠於加息環境的銀行,可望締造豐厚的股本回報率。
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