《大行報告》摩通下調中國信達(01359.HK)目標價至2元 評級「增持」
摩根大通發表報告指,貸款收益率下降和信貸風險上升,將導致中國信達(01359.HK)應收帳款重組和銀行業務進一步放緩,因此下調其盈利預測。
惟該行指從正面看,資金成本下降及銀行不良貸款形成率上升,對信達的不良貸款處置業務有利,支持其重新專注於不良貸款處置業務的戰略,預計隨著銀行不良形成率上升,業務將在下半年及明年加速增長,相信是潛在重估因素。
雖然疫情影響市況,但摩通認為,信達可從出售保險子公司中獲益,今年利潤料可持續增長,但計入出售子公司的影響後,分別將今年及明年淨利潤預測分別下調10%和2%,以反映疫情對周期性業務(應收帳款重組和銀行業務)的影響,導致信貸成本上升,將目標價下調11%至2元。
摩通指,信達現價為市盈率3.4倍及市帳率0.33倍,股息率達9.4%,認為估值具有吸引力,重申「增持」評級。
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