大和:上調郵儲銀行(1658.HK)目標價至7港元 調高純利預測
大和發研報指,郵儲銀行(1658.HK)的結構性突破足以支撐淨利息收益率(NIM)和財富管理業務,金融科技投資亦可支持業務增長。該行上調其H股目標價4.48%,由6.7港元上調至7港元,維持“買入”評級。大和表示,郵儲銀行是其行業首選,將其2021-23年的純利預測上調5-6%。報吿指,雖然第三季的信貸需求及利率走弱,行業仍承受着壓力,郵儲銀行首九個月NIM為2.37%,第三季按季提高4個基點。郵儲銀行整體收益率趨穩,亦有信心透過結構性調整在今年第四季度保持穩定的淨息差。
大和稱,儘管第三季度是淡季,郵儲銀行保險代理淨佣金仍有88%增長,有望實現全年淨手續費收入增長20%以上,並於明年再有良好增長。郵儲銀行已開始線上發展三農,年初至今託管業務的資產管理規模增長60%,亦正在整合金融科技和財富管理。目前,理財產品和互惠基金的銷售,透過應用程式渠道銷售佔比為94%。

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