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《大行報告》匯豐研究上調信行(00998.HK)及光大銀行(06818.HK)目標價 評級「買入」
匯豐環球研究發表研報指,由於投資者對內地股份制銀行資產質量、貸款需求、資本短缺情況及財富管理業務疲軟等感到擔憂,該行覆蓋的中信銀行(00998.HK)、光大銀行(06818.HK)及民生銀行(01988.HK)現價對市賬率都有大幅折讓。 市場關注內地股份制銀行何時才可獲得重新估值,該行指,股份制銀行較國有巨頭擁有更大的經營靈活性,風險亦比私人貸款機構低,認為當市場信心回升和財富管理服務需求改善時,將處於有利地位,最快明年會發生,預計明年手續費收入增長將加速。 匯豐研究又指,隨著中國經濟復甦,不良貸款形成應該會下降,若私營企業流動性水平惡化,房地產及金融投資的相關風險可能提升,相信中信銀行會較民生銀行和光大銀行擁有更好的風險緩衝。 匯豐研究對中信銀行及光大銀行維持「買入」評級,目標價分別上調至5.4元及3.15元,對民生銀行維持「中性」評級,目標價亦升至2.6元。
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