《大行報告》高盛降工行(01398.HK)農行(01288.HK)評級至「沽售」 籲買郵儲行(01658.HK)
高盛發表研究報告,表示與2013至2015年的周期相似,銀行在下行週期開始時會致力維持股息,然後在股息、資本和撥備三者無法很好平衡時,將優先考慮資本和風險緩衝而放棄股息目標,預計內銀在2023至2025年將面臨類似挑戰及重覆派息模式。
市場普遍認為大型銀行的估值較低,但高盛指出在地方政府債務所帶來的利潤率風險及信貸投資組合損失加大的影響下,可能會削弱盈利增長,內銀或迎來進一步調整。
高盛將今明兩年大型銀行撥備前利潤預測下調5%及6%,同時計及股息減少的風險,目標價平均下調1%。該行認為,郵儲銀行(01658.HK)領先於同業的盈利前景和穩定的股息支付被低估,將評級從「沽售」上調至「買入」,目標價由4.06元上調至5.8元。同時高盛將農業銀行(01288.HK)評級從「中性」下調至「沽售」,目標價由2.62元下調至2.45元,認為農行面臨較大的股息減少風險。
高盛維持建行(00939.HK)「買入」評級,工行(01398.HK)評級從「買入」下調至「沽售」,目標價分別下調至5.81及3.55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.