《大行》星展升中銀香港(02388.HK)目標價至39.4元 中期業績勝預期
星展發表研究報告指,中銀香港(02388.HK)上半年業績勝於預期,純利按年升10.5%至221.5億元,其在HIBOR的情況下,次季淨息差按季跌2個基點至1.53%,不良貸款率為1.02%,相較去年下半年降3個基點。
該行預計,中銀香港2024至2027財年的盈利年幅合增長率為2.3%,由於上調非淨利息收入預測,將2025至27財年的收益預測上調了1至2%。該行預計,受惠於貸款量預期增長,料2025財年的淨利息收入將按年下降,然後在2026和27財年大致持平。另外,由於年初至今中國和香港資本市場得到改善,手續費收入增長有望穩步回升,料將抵消淨利息收入的壓力。
星展重申中銀香港的「買入」評級,目標價由36元上調至39.4元。
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