智通财经APP获悉，摩根士丹利发布研报称，上半年本地利率因素及信贷质素风险持续，一众银行股中较偏好国际银行多于本地银行，因本地银行估值偏高，而国际性银行估值相对合理、资本回报具支持及前景正面，维持对汇丰控股(00005)及渣打集团(02888)的“增持”评级。
大摩认为，中银香港(02388)股息回报将获支持，相信即将公布的中期业绩当中净息差将受压，但非利息收入预料表现强劲，将关注管理层对信贷质素及资本管理的看法，予“减持”评级，目标价从24.7港元上调至31.4港元。该行又指，恒生银行(00011)估值偏高，维持减持评级，目标价由93港元升至94.5港元。
该行认为，银行股第二季业绩将主要受HIBOR下跌及香港商业地产信贷质素恶化的影响，预料财富管理业务及市场收入可抵销部分压力，但相信下半年挑战仍存在，预计银行净利息收入及净息差将于第三季录得按季下跌，至第四季有望轻微复苏。随着美国利率预期下降，大摩预期2026年净息差可进一步收窄。
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