《大行報告》摩通下調民行(01988.HK)目標價至3.9元 評級「減持」
摩根大通發表研究報告指,民生銀行(01988.HK)去年第四季及今年首季業績均令人希望,令其股價自3月底起已跑輸同業,考慮到該行將繼續實施戰略性轉型,包括整理資產負債表、加強合規性及重組客戶部門,預期將導致不良貸款增加及存款增長放緩。
報告指出,民生銀行現時正將資源投放於資訊科技升級,但去年用於資訊科技的經營開支佔收入比重僅2%,為同行最低水平,預期步伐較同業慢,面對網上及手機銀行等方面的競爭加激,對其收入增長穩定性帶來影響。
摩通維持對民生銀行的「減持」評級,下調盈利預測,指出其首季不良貸款覆蓋比率僅為134%,為行業內最低,將H股目標價降15%至3.9元。
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