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《大行報告》美銀證券下調郵儲銀行(01658.HK)目標價至6元 評級「買入」
阿思達克 08-31 11:00
美銀證券發表的研究報告指,郵儲銀行(01658.HK)上半年淨利按年升22%至410億元人民幣,較該行預期高4.9%,而核心盈利按年升7.7%,大致符預期。於次季尾CET1比率按季跌17個基點至9.74%,股本回報率按年回升0.3個百分點至12.6%,該行維持對其2021盈利預測大致不變,但就將2022-23年盈利預測降3-6%,以反映宏觀及利潤前景弱勢,目標價降5%至6港元,重申「買入」評級,以反映盈利強勁及股本回報率復甦。 該行指出次季郵儲行淨利息收入按季升0.1%,淨息差按季收窄7個基點至2.33%,而今年上半年則較去年下半年收窄3個基點。次季貸款增長按季放慢至3.4%,企業債及零售債均較去年下半年升9%,並分別貢獻新增貸款38%及64%。個人貸款較去年下半年升18%,按年升24%,貢獻新增貸款28%。 該行指出郵儲行資產質素穩定,而撥備覆蓋率維持較高,期內不良貸款規模按季持平,而不良貸款比率則按季收窄3個基點至0.83%。
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