《大行报告》花旗上调邮储行(01658.HK)目标价至7.41元 维持「买入」评级
花旗发表研究报告指,邮储银行(01658.HK)自2009年下半年起才开展贷款业务,未有参与到2008年环球金融危机後的刺激计划,对产能过剩行业的贷款敞口相对较同业小,加上去年上半年零售贷款中有约34%为抵押贷款,风险较低,相信与其他大型银行相比,较不受到信贷周期影响。
报告指出,邮储行於农村地区拥有强劲存款网络,在大型银行中的存贷比率(LDR)为最低,预期未来贷款额增长将高於同业,令LDR每年增长2至3个百分点,支持盈利提升,预计2020财年盈利可按增长4.5%,跑赢大型银行约3%水平。
花旗上调对邮储行2020至2022年税後净利预测3.6%、4.7%及4.5%,维持「买入」评级」,目标价由6.38元上调16%至7.41元。
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