大和:上調中信行(0998.HK)目標價至5.1港元 維持“優於大市”評級
大和發表研究報告指,中信銀行(0998.HK)第三季淨利潤增速進一步加快,按年增長12.3%,主要由於穩定的非利息收入增長,以及成本收入比及税率有所降低。該行將中信銀行目標價上調10.9%,由原來的4.6港元升至5.1港元,維持“優於大市”評級。
大和表示,中信銀行第三季收入按年增長21.3%,原因包括:銀行卡及代理服務費強勁及基數較低下,淨手續費收入按年增長37.5%;加上錄得兩倍的淨投資收益。該行今年並無透露淨息差(NIM),但大和估計中信銀行第三季的NIM將為1.9%,首九個月為1.94%,與整個行業NIM收縮的趨勢一致。而由於強勁的收入增長及成本收入比下降,銀行第三季的税後利潤(PPOP)按年增長23.8%。
該行又指,由於較高的淨手續費收入增長,因此將中信銀行2019至2021年的每股盈利預測上調3%至4%,同時認為中信銀行當前的股價有過高折讓,並看到其多於6%的股息收益率,將為股價進一步下跌提供了安全的緩衝。
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