《大行報告》瑞銀升郵儲銀行(01658.HK)評級「買入」 上調目標價至6.5元
瑞銀發表報告,上調郵儲銀行(01658.HK)投資評級,由「中性」升至「買入」,認為公司目前成為國內最大零售銀行的目標,在負債方面已達標,但資產方面仍有很大的改善空間,預期未來貸存比率會提升,包括增加客戶貸款和擴大其信用卡業務,帶動中期盈利增長及改善股本回報率,目標價由4.9元升至6.5元,予其預測明年市賬率0.9倍。
該行指,因應大環境下郵儲銀行淨息差和股本回報率有下行確力,預期公司在股本回報率方面會跑贏四大行,加上其多元化的資產組合及資本強化,相信公司可以獲提升估值。
瑞銀稱,郵儲銀行與螞蟻金服合作,帶動其線上信貸客戶有快速增長,公司有望繼續與其他互聯網金融企業合作,增長其高利潼業務,估算未來5年非按揭類客戶信貸會增長一倍。
該行表示,看好郵儲銀行旗下零售銀行的策略,而銀行需要表示其可以保持資產質素的能力,特別是銀行在中小企貸款方面佔比較高,令質素有下行風險。
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