《大行報告》花旗升中銀香港(02388.HK)目標價至27.8元 料上季淨息差續擴張
花旗發表報告指,中銀香港(02388.HK)將於10月底公布第三季度經營數據,預測在淨利息收入按年增長21%的帶動下,經營利潤將達到110億元,按季增長2%,與去年同期比較則增長3%。
花旗估計,第三季平均一個月HIBOR及LIBOR分別按季增長82個基點及32個基點,將令中銀香港期內淨息差進一步擴張;而手續費收入則預期因市況影響而維持疲軟。
報告預期,受內房行業信貸事件影響,中銀香港第三季信貸成本可能上升至約30個基點,相應將中銀香港2023年每股盈測下調1%;而基於淨利息收入前景向好及AT1債券贖回的影響,則將2024及2025年預測上調3%,目標價由27.3元上調至27.8元,對應2024年預測市賬率約0.9倍,評級「買入」。
花旗重申中銀香港仍為香港本地銀行中的首選,展望第四季則預期融資成本潛在上升或限制淨息差進一步擴張空間;全年信貸成本料按年升9個基點至23個基點,至明年才回落至約16個基點的正常水平。
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