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广发证券:予重庆农商行(3618.HK)“买入”评级 目标价4.78港元
格隆汇 09-18 15:16

广发证券发布报告称,重庆农村商业银行(03618.HK)贷款投放集中于基建和制造业,总体风险可控19H1不良生成率已经降为0.24%,不良率也回落至1.25%,19H1逾期90天以上贷款/不良贷款的比例仅为78.82%,拨备覆盖率高达369%。

据悉,重庆农商行已于本月6日正式获得中国证券监督管理委员会书面通知核准本行A股发行。

该行称,2019年上半年,重庆市GDP同比增长6.2%,较2018年年末回升0.2%,经济下行压力边际减弱。当前银行业景气度处于高点,资产与贷款增速较快,后续景气度走势取决于不良资产暴露程度。

县域主城业务协同效应明显,ROA、ROE处于可比同业上游较高的ROA水平主要受益于重庆地区城乡统筹发展的模式,以及重庆农商行自身“县域+主城”协同发展的业务结构。公司县域分销网点数据和县域覆盖率均在重庆同业中占有绝对优势,为其稳定的低成本存款来源提供了保障。县域金融优势也是其显著区别于其他同行的地方。

该行表示,目标价为4.78港元,给予“买入”评级。

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