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《大行報告》花旗上調郵儲行(01658.HK)目標價至7.41元 維持「買入」評級
阿思達克 03-08 16:07
花旗發表研究報告指,郵儲銀行(01658.HK)自2009年下半年起才開展貸款業務,未有參與到2008年環球金融危機後的刺激計劃,對產能過剩行業的貸款敞口相對較同業小,加上去年上半年零售貸款中有約34%為抵押貸款,風險較低,相信與其他大型銀行相比,較不受到信貸週期影響。

報告指出,郵儲行於農村地區擁有強勁存款網絡,在大型銀行中的存貸比率(LDR)為最低,預期未來貸款額增長將高於同業,令LDR每年增長2至3個百分點,支持盈利提升,預計2020財年盈利可按增長4.5%,跑贏大型銀行約3%水平。

花旗上調對郵儲行2020至2022年稅後淨利預測3.6%、4.7%及4.5%,維持「買入」評級」,目標價由6.38元上調16%至7.41元。

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