里昂:招行(3968.HK)重農行(3618.HK)撥備覆蓋率高 料受惠財政部新規
里昂發表報告指,中國財政部發布了關於金融公司財務規則的諮詢文件,規定指出原則上金融公司應預留不少於最低要求2倍的貸款損失準備金,否則可能被視為隱藏利潤;儲備超過2倍應被分類為未分配利潤進行分配。該行補充,假設最低覆蓋率要求為150%,銀行的撥備覆蓋率不能超過300%。於H股銀行中,招商銀行(3968.HK)
(394%)及重慶農村商業銀行(3618.HK)
(368%)的覆蓋率均超過300%,將受惠潛在的盈利增長。
該行分別予招行和重農行“
沽售
”及“
跑輸大市
”評級。
該行認為透過降低撥備提升盈利,並不能改善銀行基本面,繼續推薦派息較高的內銀,如四大行。
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