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《大行報告》摩通升農行(01288.HK)及交行(03328.HK)評級至「增持」 上調目標價
摩通發表研究報告指出,調整對內銀行業的偏好,相對於股份制銀行,較為看好國有銀行,認為近期國有銀行的啤打值(Beta)較低,且估值具防禦性,因此當美國及歐洲銀行業風險溢出衝擊亞太地區時,國有銀行股能在熊市中跑贏。長遠而言,國企改革將改善國有銀行的資產質量前景,可能令估值折讓收窄、信貸成本下降和資本回報率穩健。 該行將農行(01288.HK)及交行(03328.HK)評級由「中性」上調至「增持」,認為農行的貸款減值損失撥備率在國有銀行中最高,境外貸款在相關披露銀行中最低。至於交行並非全球系統重要性銀行,因此不像四大國有銀行般需遵守總損失吸收能力(TLAC)要求,而且交行亦是消費貸款敞口最大的國有銀行。對農行目標價由2.8元上調至3.35元,對交行目標價由5.2元上調至5.9元。
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