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《大行报告》瑞银升邮储行(01658.HK)评级至「买入」 目标价上调至6.7元
阿思达克 02-16 12:40
瑞银发表研究报告,预期邮储银行(01658.HK)2020年盈利将由跌转升,由首九个月的按年下跌2.7%转为全年录得正增长,并预期今年利润可回复至疫情前的水平,首季增幅有望达到双位数。

瑞银指出,内地货币政策正常化的背景下,预计今年首季市场利率将上升,人行可能会在下半年提高政策利率,认为邮储行的银行同业资金仅占负债约3%,其投资收益率在市场利率带动下可受惠,预计如果利率能够保持较高水平,其拨备前利润增长将有明显改善。

该行提到,虽然贷款增长可能会从2020年的高基数放缓,但预计邮储行的贷款增长将继续相对较快,因为该行计划将其贷存比每年提高约3个百分点;另外中银监会最近批准其定向增发计划,料将支持其中期贷款增长。

瑞银指出,邮储行现价为2021年预测市帐率的0.7倍,对比其他大型银行水平为约0.4至0.5倍,增长预期推动股价自去年9月的低位回升,估计在中期利润增长加快及股本回报前景改善的推动下,邮储行未来仍会继续跑赢其他大行,将评级由「中性」升至「买入」,目标价由3.5元上调至6.7元,并将2020至2021年每股盈利预测上调22%至23%。

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