交銀國際:重申農行(1288.HK)買入評級 目標價上調至4港元
交銀國際發表研究報吿表示,農行(1288.HK)去年淨利潤按年增長1.8%,從前9個月的8.5%降幅恢復過來,主要受惠於第四季度減值損失收窄。鑑於農行息差壓力較小及手續費收入前景較好,預計今年收入能加速增長,加上較低的撥備壓力和更健康的資產負債表,利潤反彈勢頭將延續。該行將其目標價由3.2港元上調至4港元,重申買入評級。
報吿指,農行去年下半年的逾期╱關注類貸款率環比均下降,撥備覆蓋率和撥貸比保持四大行中最高,分別為260%及4.08%,基高撥備和資產質量的領先指標較佳,預計2021年的信貸成本會降低,息差按年僅收縮3個基點,是國有銀行中收縮幅度最小。由於其同業投資佔比更高和存款基礎強大,認為2021年收緊的系統流動性將支持淨息差。
報吿認為,在2021年更緊的流動性之下,農行比同行處於更好的位置,預計盈利增長會相對領先。

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