《大行報告》匯豐研究:若「白名單」實行減輕房企短期流動性風險 惟帶來內銀長期額外資產質素風險
匯豐環球研究發表報告指,根據多間媒體報道,中國監管機構指示銀行加大對發展商信貸支持力度的措施,當中包括制定約50個有資格獲得融資的發展商「白名單」。該行表示,如果政策落實執行,這項指導意見或會帶動內銀向房企提供更多貸款,從而減輕房企的短期流動性風險,但會為內銀帶來額外的長期資產質素風險。
該行認為,指引需要明確需要遵守新指引的銀行名單、新獲得的信貸是否主要用於有抵押品的專案層面,或用於為營運資金需求或債券償還提供資金、內銀本身的風險管理做法會否因符合新指引而被推翻、及與銀行平均企業貸款相比下的新定價。
匯豐環球研究指,在內銀中看好中行(03988.HK)和交行(03328.HK),因為它們的撥備前利潤(PPOP)有韌性、貸款損失準備金佔貸款的比例穩定及有吸引力的股息率。
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