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《大行报告》摩通下调民行(01988.HK)目标价至3.9元 评级「减持」
阿思达克 05-10 10:14
摩根大通发表研究报告指,民生银行(01988.HK)去年第四季及今年首季业绩均令人希望,令其股价自3月底起已跑输同业,考虑到该行将继续实施战略性转型,包括整理资产负债表、加强合规性及重组客户部门,预期将导致不良贷款增加及存款增长放缓。

报告指出,民生银行现时正将资源投放於资讯科技升级,但去年用於资讯科技的经营开支占收入比重仅2%,为同行最低水平,预期步伐较同业慢,面对网上及手机银行等方面的竞争加激,对其收入增长稳定性带来影响。

摩通维持对民生银行的「减持」评级,下调盈利预测,指出其首季不良贷款覆盖比率仅为134%,为行业内最低,将H股目标价降15%至3.9元。

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