银行股配置重构系列五:破局1XPB与4%股息率?

长江证券
06 Jul

逻辑演绎比目标估值更重要,1xPB与4%股息率不构成估值上限市场近期关注银行股估值上限,作为低估值的价值股,传统框架使用PB 和股息率讨论估值。从PB 角度,部分投资者认为银行股难以突破1x;从股息率角度,部分投资者认为当前大型银行4%左右股息率不具备吸引力。我们认为,银行股基本面复杂,市场对于估值定价没有一致性的方式,而长期以来绝对估值水平又非常低,因此投资逻辑的演绎比目标估值更重要。银行股的...

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