《大行報告》大摩降中銀香港(02388.HK)目標價至22.2元 偏好匯控(00005.HK)及渣打(02888.HK)
摩根士丹利發表報告指,雖然港銀去年第四季及下半年受惠於利率上升,但仍面對著利率週期轉變和今年GDP前景放緩的雙重挑戰。中國商業房地產(CRE)風險敞口仍然是焦點,因此,資本回報十分重要。該行指,相對恆生銀行(00011.HK)和中銀香港(02388.HK),更看好匯控(00005.HK)及渣打集團(02888.HK)。
該行表示,在疲弱的增長環境中,預計今年匯控和渣打的股票回購規模將分別為90億美元及20億美元;恆生銀行和中銀香港的派息比率料分別為69%及55%。對於中銀香港,該行下調其2023至25年各年盈測分別11%、8%、10%,目標價由24.1元下調8%至22.2元,重申「與大市同步」評級。
報告稱,中銀香港的CRE敞口有進一步下行風險,去年下半年及末季貸款減值開支或顯著上升。中銀在本港信貸質量或惹關注,但該行相信維持強勁。
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