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《大行報告》瑞銀升招行(03968.HK)評級至「買入」 調整內銀股目標價
阿思達克 09-21 14:22
瑞銀發表研究報告指,內銀股公布今年第二季業績後,調整內銀股的目標價和評級,預期整體收入增長維持強勁,主因淨息差持續收窄,同時撥備見保守,今明兩年的撥備覆蓋率降至166%及160%,盈利預期分別降8%及7.4%。升招行(03968.HK)評級,由「中性」至「買入」,將目標價由35.1元升至48.3元,將郵儲行(01658.HK)評級下降至「中性」,目標價由3.2元降至3.1元。。

該行指,中國銀保監會主席郭樹清預期今年將處置不良貸款為3.4萬億元人民幣,信貸成本轉差,持續影響市場情緒,而郭樹清亦預期明年處置量會較今年增加,故相信結果具不確定性,需視乎疫情的發展和經濟復甦情況,但在目前確診數字下降,和潛在疫苗的推出,相信盈利增長可於明年復甦。

該行又指,預期下半年收入和撥備前盈利保持緩慢增長,貸款增長亦見放慢,7月份金融分部達全年51%的目標。

此外,瑞銀調整內銀股目標價,維持工行(01398.HK)「買入」評級,下調目標價由6.3元降至5.3元;該行降建行(00939.HK)目標價由7.6元降至6.7元,維持「買入」評級。

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