citi: hong kong stocks upstream catalyst limited given hsbc selling rating-9479威尼斯

citi reported a rise of hong kong banks, third - quarter revenue growth is slowing, hsbc (0.00005) of revenues fell flat, with an increase of 4%;standard chartered's greater china and north asia (1667106 a1 (hong kong) is a main - on - year revenue growth of 2 per cent;boc (02388) revenue rose 3 percent year - on - year increase of 11 per cent, thanks mostly to the portfolio valuation gains.in a lacklustre third - quarter net interest income, net interest margin (nim) and flat loan growth of 2 per cent.in the fluctuation of the market, the customer's activities to reduce their fee income. the bank noted that, due to the hong kong interbank offered rate was unchanged from a month - on - quarter nim of hong kong's banks stayed essentially flat.but entering the fourth quarter, a 1 - month hibor dropped by about 30 basis points, the bank showed that every 25 basis points interest rate changes on the nim will have 5 to 10 basis points of pressure.prime rate (p) by a 12 basis points can help offset the cost of financing a reduction nim1. 5 to 4 basis points of pressure.hong kong banks to enter the fourth quarter nim should begin to decline.the bank expects that in 2020, the us federal reserve will again cut interest rates. the bank believes that hong kong banks expected third - quarter credit losses (the expected credit loss, ecl) was mainly due to increases in economic data.given hong kong's gdp contraction in the first nine months of 0. 7%, well below expectations, expected in the fourth quarter of the expected credit losses could increase further.small and medium - sized enterprises (smes) is one of the industries concerned (particularly the tourism, catering and hotel industry), while the mortgage business is large and has elasticity.the bank noted that, in the fourth quarter on a challenging, since the fourth quarter is usually weaker quarterly.don't infer stanchart's strong third - quarter guidance.hsbc said it may in the third quarter and saw extensive reorganization, the network, because the company will announce more related to the european market and optimize the business details.in the third quarter, bank of china loan growth of 12 percent, but fourth - quarter loan growth could slow and even decline. the bank believes that hong kong banks, stock valuation is attractive, the current valuation has joined the macro headwinds, but felt that the upstream catalyst is limited, still remain cautious, and nim asset quality and earnings in the short term and in the risk.in addition, a virtual bank and bank of mainland competition will compress the industry's high investment returns.hsbc bank's rating to "sell", standard chartered and boc's rating to "neutral"."hang seng (00011) is" buy" rating, due to its relative earnings and profitability.