大摩:予中國銀行(3988.HK)3.6港元目標價 評級增持
摩根士丹利發表研究報吿指,中國銀行(3988.HK)管理層對資產質素和手續費收入持樂觀看法,並預計在具有領先市佔率的大灣區,將會有戰略性的增長機會,但銀行的股本回報率的下行壓力或會持續存在。大摩予中行H股目標價3.6港元,評級為增持。
大摩表示,中行預期資產質素將趨於穩定,而新型冠狀病毒肺炎疫情的全球復甦,將繼續減少對海外業務的擔憂。大摩早前與中行管理層進行了一次會議,管理層指出,儘管去年對全球銀行充滿挑戰,但資產質素今年將會企穩。雖然不良貸款的消失仍較審慎,但相信今年首季的信貸質素將有改善。
該行指,中行預期手續費收入將有更強勁增長。不過,即使信貸需求有所回升,但行業競爭可能將繼續對股本回報率和資產收益率構成壓力。另一方面,管理層對大灣區的機遇持樂觀態度,其大灣區業務協調委員會將有助於集中目標客羣資源,並實現協同效應。此外,中行更將於第三季前,豐富提供予大灣區的產品。

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