《大行報告》瑞銀降農行(01288.HK)評級至「中性」 目標價下調至2.6元
瑞銀髮表報告,由於行業前景黯淡,將農業銀行(01288.HK)股份評級由「買入」降至「中性」,目標價由3.8元下調至2.6元。
該行表示,因貸款定價下降的政策風險,及潛在貨幣寬鬆力度料溫和,料會令內銀行業淨息差持續面對壓力。而內銀在房地產行業的敞口仍然是要留意的風險,特別是恆大(03333.HK)的流動性問題。
瑞銀又稱,農行有良好撥備,且其準備金的建立領先四大國有銀行同業。於今年上半年,農行的不良貸款覆蓋率最高,並有最低的逾期/不良貸款比率。瑞銀上調農行2021至2023年各年每股盈測各約2%,整體而言,瑞銀料農行今年盈利有中至高單位數增幅。由於缺乏短期催化劑,料股價大致區間波動。
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