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《大行報告》大和升農行(01288.HK)評級至「跑贏大市」 目標價降至3.25元
阿思達克 01-12 10:52
大和發表報告指,內地政府今年政策指引的清晰度正在提高,因此審視了對農業銀行(01288.HK)的影響,認爲農行可受惠於農村銀行服務和金融科技。 大和看好農行在縣級(三農)的業務,指由於三農的經濟表現不穩定,傳統上認爲縣級銀行的資產質素會較非縣級銀行爲差。然而,農行縣級銀行業務的不良貸款率自2016年起持續改善,並於2020年起在追上該行的整體不良貸款率。 大和將農行股份評級由「持有」升至「跑贏大市」,但目標價由3.35元降至3.25元,並微調其2021年至2022年預測,以反映更大的淨息差壓力、資產增長提高及資產質素改善等。
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