大和:降中行(3988.HK)目标价至3.7港元 维持“跑赢大市”评级
大和发表报告指,中国银行(03988.HK)今年上半年净息差按年收窄5个基点至1.83%,低于该行预期,主要由于内地存款的成本上升。而中行在上半年增加了内地人民币贷款业务的中长期贷款配置,以减轻有关影响。
进入下半年,大和预期中国进行LPR改革及存款竞争加剧,加上美国联储局潜在减息,中行对比同业有较大的海外业务,将对中行的净息差造成负面影响。
大和下调对中行的股份目标价,由3.9港元降至3.7港元,评级维持“跑赢大市”。此外,大和又下调中行今明两年每股盈利预测4%至6%,以反映净息差预测下降、信贷成本增加,及优先股股息预测。
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