大摩:维持中信银行(0998.HK)“增持”评级 目标价5.8港元
摩根士丹利发表研究报告指出,中信银行(0998.HK)上半年非利息收入增长良好,净息差平稳,带动拨备前盈利增加11%,相信理想的业绩将支持其股价造好,尤其信行H股估值仅为市帐率0.4倍。大摩维持其“增持”评级,目标价为5.8港元。
大摩指出,信行中期纯利按年升11%至151亿元人民币,胜市场预期。该行第二季不良贷款比率按季持平于1.72%,不履约贷款覆盖率按季下跌5个百分点至165%,信贷成本减少55点至1.53%,反映该行积极确认并持续消化坏帐。
大摩报告提到信行的非利息收入增长,受惠于信用卡费用,第二季净息差维持于1.96%左右的水平,存款增速按季加快至7%,相信与该行以高息吸存有关。
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