港股异动 | 内银股早盘集体下跌 大摩称净息差继续收窄 将内银目标价平均下调12%

Changes in Hong Kong stocks | Domestic bank stocks collectively fell in early trading, Da Mo said net interest spreads continued to narrow, lowering the target price of domestic banks by an average of 12%

Zhitong Finance ·  10/03 10:31

Zhitong Finance App learned that domestic banking stocks fell collectively in early trading. As of press release, Bank of Qingdao (03866) fell 4.63% to HK$2.06; Minsheng Bank (01988) fell 4.1% to HK$2.57; Bank of Communications (03328) fell 3.8% to HK$4.56; ICBC (01398) fell 3.71% to HK$3.63; and China Construction Bank (00939) fell 2.94% to HK$4.29.

According to the news, Morgan Stanley published a report, lowering the target price covering domestic bank stocks by an average of 12%, keeping expectations of long-term equity returns unchanged; adjusting the beta coefficient to reflect the slowdown in investment and credit growth. The bank believes net interest spreads will continue to narrow, but credit demand will recover moderately, and net interest spreads are expected to stabilize in the second half of 2025.

The bank pointed out that domestic banks, which are mainly retail and have a lot of wealth management business, face a lot of pressure in the short term, such as CMB and Ping An Bank, which are mainly affected by lower fee rates and unbalanced consumption recovery; under high dividend rates, state-owned banks are still the defensive choice.

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