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《大行报告》大和下调邮储行(01658.HK)目标价至5.3元 评级「买入」
阿思达克 11-02 11:07
大和发表研究报告,指出邮储行(01658.HK)在上周五(30日)公布第三季业绩,管理层为公司的净息差及资产质表指标提供更多看法,而该行认为整体上属正面。重申公司「买入」投资评级,并预期公司会继续在2021年度交出比同业更好的盈利表现。

该行指,管理层将公司具韧性的净息差表现归因於其主动控制存款资金成本。展望未来,管理层相信国内的货币政策环境已恢复中性,并预计其净息差将从货币市场利率正常化中受惠。邮储行指会努力在今年第四季至明年降低存款成本。整体而言,该行看到邮储行的净息差在未来数季下行空间有限。

该行又引述管理层指,其资产质素已渡过最艰难时期。管理层指会降低今年第四季至明年的信贷成本,该行认为这将有助支持盈利表现。将公司2020至2022年的每股盈利预测下调13至14%,以反映今年来收入及信贷成本受疫情影响,目标价由原来的5.9元下调至5.3元。

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