大行评级|摩根大通:经济衰退情况下汇控和渣打较港银及内银更脆弱

格隆汇
09 Apr

摩根大通发表研究报告指,汇丰控股和渣打集团股价自4月2日以来累计分别调整16.6%及20.4%,跑输恒指分别2.1个及5.9个百分点。该行相信,市场正押注全球陷入衰退,或会导致减息幅度加深、交易类银行收入减少,以及更高的信贷成本。

该行认为,在美国及全球经济衰退的情况下,如汇控和渣打等货币中心银行会较港银及内银更脆弱,所以相信上述两行会在短期内跑输大市,而渣打股价表现或较汇控更差,因为前者对交易类银行收入有更高的依赖,以及对受关税影响较大的经济体有更大业务敞口。

摩通对汇控和渣打的目标价分别为115港元及135港元,评级均为“增持”。

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