大行評級|花旗:香港銀行業資本充足率處於歷史高位 上調恆生銀行及中銀香港目標價
花旗表示,香港銀行板塊年初至今已上漲37%,表現優於恆生指數,其中以中銀香港的漲勢最爲強勁,主要受惠於南下資金追逐高股息標的的強勁買盤。雖然近期香港銀行同業拆息(HIBOR)下滑可能對淨息差構成壓力,但該行預期隨着HIBOR在2025年第四季逐步迴歸正常水平,銀行業的盈利能力將有所改善。中期來看,儘管美聯儲降息可能對淨息差帶來挑戰,但該行認爲影響可控,因香港多數按揭貸款仍受最優惠利率上限保護,且市場預期聯邦基金利率最終將維持在3%水平。此外,香港銀行業資本充足率處於歷史高位,爲提高股東回報提供更佳可見度。
該行將恆生銀行的評級從“中性”上調至“買入”,目標價從105港元上調至135港元;同時維持對中銀香港的“買入”評級,目標價從33.9港元上調至40.8港元;而東亞銀行則維持“中性”評級,目標價由11港元上調至11.6港元。
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