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《大行》匯豐研究料中銀香港(02388.HK)淨息差及交易收益受壓影響第三季業績 下調目標價至42.8元
阿思達克 09-25 11:21
匯豐環球研究報告指,中銀香港(02388.HK)在第二季表現勝預期後,第三季經營業績存在下行風險,包括存款與貸款重新定價的時間差,令季度淨息差壓縮或較第二季更嚴重,且鑑於借款需求疲軟,貸款利差或難以提高。隨著8月中旬以來本港銀行同業拆息上升,季度交易收益或轉為虧損。此外,由於本港商業房地產的風險敞口,信貸成本或持續高企。本港寫字樓市場空置率持續上升,價格指數呈下降趨勢,或導致抵押品價值下降,從而為現有不良貸款增加撥備。 該行認為,較低的淨息差和交易收益逆轉或對中銀香港第三季業績產生負面影響,儘管較高的核心一級資本充足率將允許中銀香港提高派息比率,以長期提升股東回報。該行下調對中銀香港今年至2027年盈利預測0.8%至2.1%,目標價從43.5元下調至42.8元,維持「買入」評級,基於其提升股東回報的潛力及其領先的跨境服務能力。
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