大和:降交行(3328.HK)目標價至5.3港元 維持持有評級
大和發表研究報告指,交通銀行(3328.HK)今年首季淨利潤按年增長1.8%,年化股本回報率按年收窄1.2個百分點至11.8%。由於撥備壓力大,預料交行的盈利能力將在今、明兩年進一步減弱。大和將交行目標價由原來的5.5港元降至5.3港元,評級維持持有。
大和表示,交行首季淨息差按年下跌4個基點至1.55%,由於其資產收益率的下跌速度較負債成本快。管理層預料淨息差在未來幾個季度將會收窄,交行計劃控制存款資金成本,以保持相對穩定的淨息差趨勢。
該行指,由於信用卡貸款惡化,交行截至首季末的不良貸款率及總逾期貸款率分別按季增長12基點和26基點,至1.59%及1.97%。管理層表示,信用卡貸款的收債能力已經恢復正常,並估計第二季的不良貸款率將基本保持穩定。
該行又認為,交行今、明兩年的撥備壓力仍然很大,將繼續對盈利能力構成壓力。

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.