《大行報告》富瑞下調中銀香港(02388.HK)目標價至24元 上半年盈利符預期
富瑞發表報告指,中銀香港(02388.HK)上半年純利170億元,按年升35%,較該行及市場預測高出1%至2%,第二季淨息差按季改善12點子,因此上半年的淨利息收入,較該行及市場預測分別高出3%及6%,不過有利因素被非利息收入疲弱所抵銷。
該行預期在業績後,市場預測只有溫和調整,股價反應中性,該股市盈率7倍、市賬率0.7倍、股息率接近8%、2023至2024財年股本回報率11%,估值便宜,不過利率見頂,以及跨境收入上升被其他非利息收入下跌所抵銷,該股缺乏短期催化劑,目標價由25元下調至24元,評級「持有」。
富瑞認為中銀香港的風險回報較恆生(00011.HK)為佳。
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