智通财经APP获悉，摩根士丹利发布研究报告称，中国香港和新加坡银行受惠于利率上升而表现优异，但利率周期已转向，料未来非银行业务特别是财富业务增长将会支撑股本回报率。该行认为中国香港和新加坡银行现金产生能力强，因此仍具防守性。
在香港银行股中，该行偏好渣打集团(02888)，另下调中银香港(02388)及恒生银行(00011)评级，均由“与大市同步”降至“减持”，上调对中银目标价由100.4港元升至108.5港元，下调对恒生目标价由97.1港元降至93港元。该行上调对汇丰控股(00005)目标价由76.8港元升至84.6港元，维持“增持”评级。
该行认为，银行的对冲措施已降低对利率下跌的敏感度，预计2024年至2026年净利息收入的年复合增长率为-2%至+2%，但预期非保费收入，尤其是财富管理费用的增长将抵销这些压力。
大摩估计，去年银行财富管理费同比增长高达40%，而该行模型显示，财富管理收入在未来两年应继续录得高达17%的年复合增长率，抵销今年净利息收入的下跌。该行料，星展和渣打将成为财富收入增长的最大受惠者，两间银行都有20至25%的收入来自富裕客户群。
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