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《大行》摩通:市場對港銀過分樂觀 降中銀香港(02388.HK)評級至「中性」
阿思達克 07-22 10:20
摩根大通發表報告指出,市場對港銀過分樂觀,本港銀行股自5月以來跑贏恆生指數6%(年內至今累計14%),儘管香港銀行同業拆息(HIBOR)在本週期達到超低水平,與美元利率的差距為二十年來最大。即使考慮到2025年下半年HIBOR反彈、非利息收入的良好勢頭,以及資產質量無負面意外,2025財年市場共識每股盈利及每股股息仍面臨下行風險,除非個別銀行採取措施增強股東總回報。 摩通表示,中銀香港(02388.HK)股息政策的上行潛力可能緩解每股股息下降的影響,但不足以推動重新評級,因此將評級從「增持」下調至「中性」,目標價由原先33.9元升至37.7元。該行將中銀香港2025及2026財年盈利預測分別下調22%及24%,以反映香港銀行同業拆息(HIBOR)大幅下降導致的淨息差收縮及撥備前經營溢利下降。
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