《大行報告》大和上調郵儲行(01658.HK)目標價至6.3元 評級「買入」
大和發表研究報告,料郵儲銀行(01658.HK)上半年財富管理業務有大進展,淨手續費收入料按年升38%,淨息差穩定於2.4%,不良貸款率穩定於0.86%,純利料按年升10%,上調2021至2022年每股盈測介乎1%至4%,目標價由5.3元升至6.3元,評級「買入」。
報告稱,得悉郵儲行首季保險分銷強勁,因客戶增加以保單作為存款的替代;另其他金融產品如互惠基金及債券亦錄強勁增長。報告料其增長勢頭於首季後仍持續。這亦歸功於郵儲行長期專注於零售客戶,自2019年起增加對金融科技投資,以及財富管理業務滲透至更多被忽略的客戶。據郵儲行資料,其員工平均年齡僅33歲,較其他國有銀行年輕,料較年輕的團隊在執行新業務上有優勢。
大和稱,隨著內地疫情消退,郵儲行個人貸款資產質素壓力紓緩。該行料其整體資產質素及上半年底信貸成本展望穩定。該行其料其貸款增長穩定,上半年毛貸款料按年升12.9%,較去年同期輕微加快。
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