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《大行报告》摩通料内银股第二季纯利倒退24%及坏账升 全线降目标价
阿思达克 08-20 14:12
摩根大通发表研究报告,指内银在8月27日起开始公布第二季业绩。虽然收入按年稳定增长4%,但预期第二季的纯利会按年减少24%,因为银行确认的坏帐及处置快速增长。该行将内银股2020至2022年的盈利预测下调,以反映更高的减值准备。

摩通认为,虽然盈利减少,但内银股股价的下行风险有限。今年来,内银股H股的股价已累跌约15%,估值不高。在稳健的宏观经济复苏情况下,资产质素前景或会改善,首选招商银行(03968.HK)及平安银行,因为它们的预拨备利润及平均资产较高,以及零售入帐恢复,给予招行评级「增持」,目标价为50元。

该行将内银股2020至2022年的盈利预测分别下调10%、8%及6%,主要是因为减值支出上升所致,而收入预测则大致不变。将内银股的目标价平均下跌8%,注意到交通银行(03328.HK)及中国光大银行(06818.HK)的AH股溢价已在今年初分别扩阔至23%至45%,两者评级为「增持」及「中性」,目标价分别由5.8元及4.05元,降至5元及3.4元。

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