交銀國際:降中國華融(2799.HK)評級至中性 目標價下調至1.05港元
交銀國際發表研究報告,指中國華融(2799.HK)下半年盈利難有顯著改善,故將評級從買入下調至中性,目標價從1.35港元下調至1.05港元。
該行表示,中國華融上半年税前利潤下降42%、股東應佔溢利跌92%。上半年盈利大幅下降,主要由於收入端公允值變動收益下降。收入和税前利潤下降主要來自不良資產經營業務,市場化債轉股收入同比顯著下降拉低該板塊收入。但預計隨著資本市場向好,金融資產公允值變動收益下半年有望回升,但疫情影響下,宏觀經濟仍面臨挑戰,資產質量仍有壓力,撥備費用仍需提升。

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