大行評級|大華繼顯:美國加徵關稅對中資銀行潛在風險可控 首選建行
大華繼顯發表報告指,美國總統特朗普加徵史無前例的對等關稅,引發香港市場早前曾被大規模拋售。中國四間國有銀行於今年3月底宣佈資本補充計劃,其攤薄影響大致符合預期。該行相信,特朗普加徵關稅對中資銀行的潛在風險可控。因此,在關稅衝擊打擊投資者情緒的情況下,投資者可能關注具防守性及股息率高的中資銀行。該行首選建設銀行,認爲該股因資本重整而稀釋的股本不多,且收益率穩健及具吸引力,予“買入”評級,目標價7.5港元。另外,該行認爲招商銀行的估值愈來愈有吸引力,將其評級升至“買入”,目標價49港元。此外,如果中國因應關稅衝擊而推出超出市場預期的刺激措施,招商銀行料將成爲主要受惠者之一。
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