大行评级丨大摩:上调中银香港目标价至44.2港元,资本回报计划成焦点

格隆汇
Aug 21
摩根士丹利发表报告,预计中银香港上半年税后盈利及税前盈利同比平稳,但环比或受非利息及非手续费收入影响而下跌。经营趋势好坏参半,银保业务及净息差较弱,但贷款增长及其他费用收入可作抵销。管理层将于中期业绩时公布2026至2028年股东回报计划详情,预期对股价有支持作用。大摩预测上半年普通股中期息0.58港元,但认为关键不在季度股息,而在于管理层愿意以多快速度减持过剩资本,以及公布的回报计划是否足以改变中期回报格局。大摩上调中银2026至2028年每股盈利预测分别1.5%、4.4%及5%,主要反映更强劲的资产负债表增长,目标价由39.9港元上调至44.2港元。该行维持对其“减持”评级,认为在汇丰控股及渣打集团中可找到更佳风险回报机会。

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