《大行報告》摩通調整內銀目標價 薦建行(00939.HK)、工行(01398.HK)及招行(03968.HK)
摩根大通發表報告指,內銀股將於兩個星期內陸續公布第三季業績,在經營環境仍具挑戰下,估計盈利增長並無驚喜,但預期股份由現水平回升10%至20%,主要是受惠於宏觀數據改善、當局政策支持地方政府債發行,以及匯金入市帶來正面影響。不過該行認為股價上升屬周期性,而並非結構性,因為投資者仍然擔心地方政府融資平台及內房敞口,對銀行構成信貸風險,以及淨息差壓力。
在今輪的周期性反彈中,摩通偏好建行(00939.HK)、工行(01398.HK)及招行(03968.HK)。該行調整內銀股目標價(詳見另文),當中建行目標價由5.9元上調至5.95元,工行由4.7元下調至4.6元,招行由51元上調至53元,評級均為「增持」。
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