《大行報告》高盛普遍下調內銀目標價 利潤率遇逆風
高盛發表研究報告指,預計所覆蓋的內銀上季的收入及淨利潤預測分別按年增長0%及3%,而淨息差則按季跌6個基點。該行預計,內銀的存款成本上升和貸款利率下降導致淨息差長期下降,將導致內銀的平均淨息差在去年下降約23個基點的基礎上,再於今年跌約17個基點。該行料內銀將在今年繼續釋放準備金率,以在當前收入逆風環境下維持資本和股息。
該行普遍將內銀平均目標價下調2至5%,當中,予建設銀行(00939.HK)(601939.SH)、郵儲銀行(01658.HK)(601658.SH)「買入」評級,認為它們具有強勁的資產負債表。
高盛發表研究報告,對內銀股投資評級及目標價表列如下:
股份 | 投資評級 | 目標價(港元)
工商銀行(01398.HK) | 沽售 | 3.18元 -> 2.97元
中國銀行(03988.HK) | 中性 | 2.68元 -> 2.49元
建設銀行(00939.HK) | 買入 | 4.8元 -> 4.62元
農業銀行(01288.HK) | 沽售 | 2.25元 -> 2.16元
交通銀行(03328.HK) | 沽售 | 3.5元 -> 3.28元
招商銀行(03968.HK) | 中性 | 31.57元 -> 31.62元
郵儲銀行(01658.HK) | 買入 | 4.71元 -> 4.32元
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