《大行報告》高盛:HIBOR上升對淨息差正面 匯控(00005.HK)及中銀(02388.HK)評級「買入」
高盛發表報告指,目前香港銀行結餘處於相對較低的水平,港銀的淨外匯資產頭寸在1月23日後流出,儘管貸款需求疲軟,但港元貸存比相對較高,約為90%。假設倫敦銀行同業拆借利率(LIBOR)約為5%,HIBOR在今年剩餘時間裡可能會保持在4%以上的相對較高水平。
該行表示,HIBOR按季上升對香港銀行的淨息差影響正面。淨息差在今年第一季按季下降,當中,中銀(02388.HK)及匯控(00005.HK)收窄約15個基點。該行預計,這個趨勢將隨著持續更高的淨息差而逆轉,又預料中銀及匯控的淨息差將分別按季擴張5個基點和15個基點。根據該行的調查顯示,自年初以來,累計CASA(往來賬戶和儲蓄賬戶)支付的定期存款(TD)利率有所下降,TD存款貝塔係數分別為0.2倍和0.8倍。
高盛指,港銀在5月23日美國加息後將最優惠利率上調12.5個基點,這亦有助於提高資產收益率。然而,銀行股價並未對香港銀行同業拆息走高作出反應。該行維持對匯控和中銀的「買入」評級,各予目標價81元及33.3元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.