《大行報告》野村首予郵儲行(01658.HK)「買入」評級 目標價6.32元
野村發表的研究報告首予郵儲銀行(01658.HK)「買入」評級,目標價6.32元,該行指出作爲六大國有商業銀行中最年輕的銀行,郵儲行有最廣闊的網絡,覆益偏遠城市及農村,而靠着強勁的存款基礎、差異化零售策略及風險管控等,公司受惠有具韌性淨息差表現及強勁資產質素,另外該行認爲郵儲行隨着經營效率改善、費用收入增長,有望受惠資產回報率進一步擴張。
野村認爲與其他大型銀行比較,郵儲行值得擁有估值溢價,一方面其高風險行業覆蓋較低,加上資產質素強勁,同時淨息差亦具韌性,長遠淨息差亦有更多潛在上行,所以相信公司可透過改善經營效率及提升費用收入而進一步擴張資產回報率。
該行指出自去年第四季公司股價已跑贏大型內銀同業,不過認爲仍會進一步獲重估,主要因爲公司盈利增長高於同業,同時亦受惠淨息差表現等,該行對其2021至2023年盈利預測相當於按年增長11.8%、11.7%及11%。
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