You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
交銀國際:下調中信銀行(0998.HK)目標價至4.1港元 評級“中性”
格隆匯 04-27 14:40

交銀國際發表研究報告表示,因為未來資產質量壓力上升,將中信銀行(0998.HK)評級從“買入”降至“中性”,目標價由原先的5.6港元下調26.79%至4.1港元。

報告表示,中信銀行首季度淨利潤同比增長9.4%,快於2019年全年的7.9%。但是,其不良貸款率環比增加15個基點至1.8%,預計可能是由於信用卡不良率上升導致。由於公共衞生事件影響持續,預計第二季的資產質量壓力仍然較大,大部分的逾期貸款會被劃為不良。同時,該行中等的撥備水平可能會使其通過降低信貸成本來支持利潤增長的空間較小。

該行表示,中信銀行零售業務增長可能放緩,零售業務方面的改進本應可以部分抵消其息差收縮的壓力和支持其收費收入的增長。然而,手續費收入受公共衞生事件影響嚴重,同時銀行由於對資產質量的擔憂,需要降低高收益消費貸款的增長。

該行又表示,雖然中信銀行的估值較低,2020年市淨率僅為0.3倍,但由於其資產質量的壓力和整個行業面臨的息差壓力,預計估值上升空間有限。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account