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美銀證券:中國銀行(3988.HK)去年純利勝預期 升目標價至3.85港元
格隆匯 03-31 17:42

美銀證券發表研究報吿指,中國銀行(3988.HK)去年純利按年增長2.9%至1929億元人民幣,好過該行預期6%,並勝市場預期13%。撥備前盈利按年升3.8%,符合該行預期。美銀將中行目標價由3.7港元升至3.85港元,評級維持買入,而A股目標價則為3.6元人民幣,評級為中性。

美銀表示,中行去年淨息差1.85%,按年跌4個基點;淨利息收入升6.6%;貸款按季跌0.6%,按年就升8.8%,而國內企業貸款和零售貸款分別按年升11.5%和11.9%,而境外貸款就跌1.8%。存款就按年增長6.7%,按季跌2.9%。貸存比率升1.6個百分點至84%。

美銀指,中行去年資產質量和撥款覆蓋率穩定,不良貸款率按季跌2基點至1.46%。此外,該行將中行今、明年的盈利預測提高了5%。

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