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美银美林:升民行(1988.HK)目标价至6.15港元 评级“跑输大市”
格隆汇 09-02 14:08
美银美林上调民行(1988.HK) 目标价,由6港元上调至6.15港元,维持“ 跑输大市 ”评级,基于其资本绷紧及拨备覆盖率低,当中核心一级资本充足率仅8.9%。该行亦上调对该股盈利预测1%至8%。
该行指,民行90日或以上逾期贷款相对不良贷款比率虽按年跌35个百分点至95%,仍为同业中最高。不良贷款及贷款拨备覆盖率分别只有142%及2.49%,维持相对同业非常低水平。
该行指,民行净利息收入增长强劲,主要受惠于融资成本下降,次季存款按季增长3%,存贷比率按季跌1.5个百分点至92.9%。该行又指,民行中期收入按年升17%,但成本仅按年升2%,成本收入比率跌至22.1%。
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