《大行報告》富瑞下調中銀香港(02388.HK)目標價至33元 降恆生(00011.HK)目標價至120元
富瑞發表報告指,料環球風險對香港及新加坡銀行的直接影響有限,市場情緒及對淨息差見頂的關注令行業受壓。本港銀行在今年第一季按季或面臨中單位數的淨息差壓力。該行看好香港銀行多於新加坡,尤其是具有額外資本回報催化劑的銀行,例如匯豐控股(00005.HK),又認為重新開放為香港宏觀經濟增添新動力。
該行表示,在中銀香港(02388.HK)公布2022財年業績後,下調其盈測4至6%,主要是由於非經營虧損增加、費用減少和成本增加。該行略微下調其NIM前景,以反映HIBOR在今年首季疲軟,目標價由34元下調至33元,維持「買入」評級,認為首季表現疲軟屬預期之中,而且估值在中長線內仍然具有吸引力。
至於恆生銀行(00011.HK),該行將其2023至24財年的盈測下調5至6%,又將目標價由135元下調至120元,並重申「持有」評級。該行認為,恆生銀行長期股本回報率壓縮或會限制上行空間,而且資產質量問題仍需要時間才能完全解決。
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