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《大行报告》汇丰研究升邮储行(01658.HK)评级至「买入」 下调目标价至4元
阿思达克 09-25 10:05
汇丰环球研究发表报告指,邮储银行(01658.HK)股价由6月的高位回调了37.8%,表现跑输国指31个百分点,认为邮储银行股价经过调整後呈现价值,目前估值相当於预测今年市账率0.47倍,而其今年至2022年料可产生约10%的股本回报率。报告亦指出,邮储行具独特存款结构,及高於同业的信贷损失拨备。

报告认为,邮储行股价过度调整,市场并未重视其多个催化剂,包括邮储集团的经纪费用下调、采用内部评级,及受惠於债券收益率上升。

汇丰研究上调邮储行股份评级,由「持有」升至「买入」,目标价则由4.8元下调至4元,以反映信贷成本增加、净息差下跌及人民币最新汇率等因素,今年至2022年每股盈测亦分别下调20.8%、19.8%及15.1%。

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