大行評級|星展:下調恒生銀行目標價至97港元 今明兩年盈測下調11%至12%
星展發表報吿指,恒生銀行在資產負債表審慎擴張的策略下,去年底貸款結餘按年下跌約7%,內地商業房地產敞口按年減少33%,在削減風險的過程後,不良貸款比率較上半年下跌2點子至2.83%。另外預期未來信貸成本將會下跌。該行指,市場估計美國聯儲局下半年進入減息週期,相信下半年淨息差面對更大的收窄壓力。星展對恒生內地商業房地產敞口和資產質素憂慮減小,不過相信內地宏觀經濟不確定的情況持續。對恒生維持“持有”評級,目標價由116港元下調至97港元,今明兩年盈利預測下調11%至12%,以反映對預期信貸損失更保守的看法。
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