杰富瑞:新加坡银行财富管理增长或降低利率敏感度

格隆汇
Sep 22
杰富瑞分析师表示,新加坡银行财富管理的结构性增长可能降低其对利率的敏感度。财富管理正日益成为第二盈利引擎,在宽松周期中缓冲贷款机构面临的净息差压缩,同时在利率维持高位时保留上行空间。新加坡三大银(星展、华侨银行和大华银行)通过在不同信贷周期中经证明的韧性以及日益多元化的盈利,赢得了溢价估值。鉴于星展银行卓越的执行力和一贯稳健的业绩表现,杰富瑞将其列为首选股。尽管华侨银行拥有最强的经常性资本生成能力,但其股价大幅重估已反映其大部分优势。大华银行在东南亚更深入的财富变现提供可观上行空间,但其更高的盈利周期性增加了执行风险。

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