花旗:維持中行(3988.HK)H股目標價為4.36港元 予“買入”評級
花旗發研報指,中國銀行(3988.HK)第三季非利息收入及淨息差趨勢欠佳,令撥備前盈利表現呆滯,季績乏善足陳,預期對中行股價只有中性影響,維持中行H股目標價為4.36港元,予“買入”評級。
花旗報吿指出,中行首九個月撥備前盈利按年升3.7%至2957億人民幣,税後盈利增加12.2%至1635億人民幣,佔彭博全年平均預測之84.8%,其中,撥備前盈利按年增速由第二季的1.7%加快至第三季的6.7%,主要得益於交易收入大增,但同期税後盈利增長率卻由21.7%放緩至13.2%,主要因為信貸成本上升,而第三季的資產回報率和股本回報率分別提高至0.77%和11.06%。報吿提到,中行第三季淨息差收窄1點至1.73%,反映存款競爭激烈,非利息收入按年下跌3.3%,而其他營運收入增長呆滯,按年僅升1.9%,但在低基數下,交易收入按年急升162%至121億人民幣,成一大亮點,而不履約貸款比率亦按季下降1點至1.29%,不履約貸款覆蓋率升至192.5%。

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