交銀國際:上調中行(3988.HK)目標價至3.5港元 評級買入
交銀國際發表報吿表示,中行(3988.HK)去年淨利潤按年增長2.9%,是四大銀行中最高的,收入及撥備前利潤分別按年增長3.2%及3.8%,受惠於淨利息收入增長6.6%和成本收入比下降。由於減值損失減少,該行上調其2021至22年淨利潤,並將目標價由2.8港元上調至3.5港元,評級亦上調至買入。
該行認為,鑑於經濟增長的復甦,因為息差收縮和減值壓力較小,手續費收入增長勢頭更好,中行的利潤增長可望在2021年繼續改善。
該行指,中行的息差於2020年按年收縮4個基點,小於工行及建行的14-15個基點,這要歸功於其外匯存款佔比更大,以及對零售存款的良好成本控制。該行認為,流動性收緊將支持中行在2021年的資產收益率,而其零售銀行業務的改善可能有助於穩定其存款成本,支撐其淨息差。
另外,去年第四季度中行的不良貸款率環比下降2個基點,下半年關注及逾期貸款比率較上半年下降7及9個基點,這意味着貸款更健康。截至2020年底,中國銀行的撥備覆蓋率環比增加0.4個百分點至177.8%,撥貸比也基本穩定在2.6%。因此預計2021年的減值壓力會降低。

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