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富瑞:給予重慶農村商業銀行持有評級 目標價3.42港元
格隆匯 04-27 14:16

富瑞發表研究報告指,重慶農村商業銀行(3618.HK)今年首季盈利按年下跌6.9%。整體而言,由於淨息差穩定,手續費收入強勁,資產質量良好,而撥備及資本都有所改善。不過,該行認為挑戰仍然持續存在,因新型冠狀病毒肺炎疫情爆發所影響,淨息差可能因季節性因素,第二季或會按季進一步下跌。該行予重慶農村商業銀行持有評級,目標價3.42港元。

富瑞認為,重慶農村商業銀行的估值具吸引力,但亦具有很高不確定性,又指銀行的淨息差按季下跌2個基點至2.3%。銀行可能很容易在首季從農民工獲得低收益存款,存款利率或會因季節性因素而按季下跌,銀行需在第三至第四季度提高存款利率,以在存款餘額下跌的情況下競爭。

該行指,銀行與保險公司積極合作,增加了線上高收益消費貸款,貸款收益基本或保持穩定。此外,鑑於存款增長強勁,大幅減少了包括銀行間在內的債券。

該行又指,今年第二至四季將具有挑戰性,管理層亦提到,由於疫情影響,總貸款的5%將面臨更高風險。除此之外,該行認為當中更存在潛在的供應鏈影響,但銀行強大的撥備應該會帶來幫助。

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