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大行評級丨星展:上中銀香港目標價調至36港元 香港銀行同業拆息波動屬暫時性質

星展發表研究報告指,中銀香港首季的撥備前經營利潤按年升12.9%至200億港元。雖然淨息差按年收窄6個基點至1.55%,但賺取利息之平均資產增長8.3%,帶動淨利息收入升3.4%。由於貸款額增長及資產質素較同業優勝,該行預期中銀香港在減息週期中,擴大貸款額及手續費收入將成爲收入增長的主要動力。

該行預期中銀香港2024至2027財年的盈利複合年均增長率爲1.8%,由於較高的費用收入預測,將2025至2027財年的盈利預期上調2至3%。該行又預計中銀香港2025年及2026財年的淨利息收入將略爲下降,因爲高利率環境的持續時間可能比先前預期更長。該行相信,香港銀行同業拆息波動屬暫時性質,將不會對中銀香港的盈利造成重大影響,重申“買入”評級,目標價由34.5港元上調至36港元。

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