花旗下调重农行(3618.HK)目标价至5.34港元评级“买入”
花旗发表研究报告,指重农行(3618.HK)
上半年税后溢利升18.9%,换除一次性项目,税后溢利升2.8%,相等于50.8%预期,拨备前盈利按年升9.1%,低于该行预期12%,主因交易收入转弱所致。该行指,上半年费用收入按年增长19%、成本收入比率下跌、有效税率下跌均有利公司表现,惟净利息收益率
(NIM)下跌,交易收入下跌至仅3.2亿元人民币及资本充足比率下跌都是负面因素。
该行表示,基于业绩表现参差,料股价反应中性。该行调整重农行2019-21年盈利预测分别+4.4%、-1.3%及-2.2%,目标价由5.48港元降至5.34港元,评级“
买入
”。
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