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《大行》摩通:專項債首次支持償還拖欠企業賬款 對內銀股價表現有利
摩根大通發表研究報告指,中央明確表明今年的地方政府專項債券中有部分會用於消化地方政府拖欠的企業賬款,政策正逐步落地,湖南省新增專項債務1,465億元人民幣中,有200億元人民幣指明將用於解決拖欠企業賬款,預料未來會有更多地方政府將跟隨,有助緩解企業資產質量風險,對內地銀行股價表現有利。 假設盈利增長預測未獲大幅上調,摩通預期內銀仍處於股本回報率擴張階段,股價表現料主要受到股息回報的支持,目前首選股為建行(00939.HK),認為建行在一眾國有銀行中基於股息溢價的潛在上行空間最大,給予「增持」評級,目標價為7.9元。
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