大行評級|大摩:重申對亞洲金融股“增持”評級,本土需求強兼美元走弱彰顯吸引力
摩根士丹利重申對亞洲金融股“增持”評級,除看好其本幣盈利及高股息特徵外,隨着美聯儲降息導致美元進一步走弱,預期亞洲金融股將會繼續跑贏大市。該行續稱,日本利率正常化,其他財富及資本市場增長,加上中資股可能出現估值重估,均會爲亞洲金融股前景帶來支持。大摩指,香港銀行正面臨本土逆風,利率與信貸質素持續受壓,故相對青睞國際業務佔比高的銀行,維持對匯豐及渣打“增持”評級,恆生銀行及中銀香港則予“減持”評級。內銀股方面,整體銀行收入與盈利增長有望恢復至每年增長4%至6%水平,部分中型銀行更可望重返雙位數盈利成長,其中民生銀行在資金成本下降、信貸成本降低及資產負債表重啓增長的助力下,其股本回報率有望回升至與同業更相符的水平,帶來進一步重估的機會。
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