Hong Kong Banks:Own a piece of the Rock银行和金融服务

研究机构：建银国际 分析师： Adam C ... 撰写日期：2011年01月27日

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    Hong Kong banks are among the best capitalized banks globally and operatein one of the least leveraged banking systems. This is illustrated by both anultra-low loan-to-deposit ratio and tangible leverage. The system isunderpinned by an environment conducive to capital inflows, a robustreal-estate market backed by ultra-low loan-to-value ratios, a tight labourmarket and an abundance of savings. The rapid evolution of the Renminbimarket in Hong Kong is breathing new life into the system and providesanother engine of sustainable long-term growth. These factors all combine tofoster an environment of stability and growth which will continue to benefit thelocal banks for the foreseeable future.
    The main risk is inflation and persistent negative real interest rates. Whilethese forces have a destabilizing potential by reducing real wealth andlimiting lending spreads, overall dynamics are favorable. Hong Kong is onestable rock. We initiate with an Overweight sector weighting;BOC Hong Kong (Holdings) Ltd. is our top pick.