《大行報告》摩通:民行(01988.HK)末季業績遠遜預期 評級「減持」看4.6元
民生銀行(01988.HK)上日(30日)公布去年業績後,翌日(31日)股價現挫逾7%,摩根大通發表研究報告,指其去年末季淨虧損30億元人民幣,遠遜摩通預期,形容業績令人十分失望。
報告稱,受累非利息收入減少,民行末季經營收入按年收縮12%,撥備前盈利按年減15%;另逾期比率按半年續升,不良貸款覆蓋降至139%,屬摩通覆蓋已公布末季業績內銀中最低。
此外,摩通稱,留意到民行非信貸減值虧損急升。另報告稱,民行普通股權資本充足率降至8.51%,而最低門檻是7.5%,系統性重要銀行(DSIBs)最低門檻是8.5%。摩通稱,民行或被視為系統性重要銀行,資本壓力或致可見將來派息比率被削減。摩通予民行「減持」評級,目標價4.6元。
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