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《大行报告》美银证券上调信行(00998.HK)目标价至4.48元 评级「跑输大市」
阿思达克 03-26 14:28
美银证券发表研报指,中信银行(00998.HK)去年撇除额外一级资本证券的净利润按年增长2%,符合预期,拨备前利润按年增长5.6%,稍逊该行预期1.8%。期内股本回报率按年倒退1个百分点至10.2%,派息比率提升至27%,股息率为约7.9%,美银预期,股本回报率将维持较低水平,加上流动性及资本趋紧,维持其「跑输大市」评级。

报告指,信行去年底贷存比仍保持在99%的高水平,令其在今年紧缩环境中处於不利位置。去年度成本仅按年增长0.2%,成本占收入比重更下降1.1个百分点至27.8%。

美银指出,中信银行去年第四季不良贷款规模按季下降15%,比例降至1.64%,信贷成本亦由上半年的186个基点降至下半年的143个基点,成本及准备金覆盖范围均有所降低,将今明两年盈利预测上调5%至6%,目标价亦上调8%至4.48元。

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