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《大行報告》摩通上調交行(03328.HK)目標價至6.5元 評級「增持」
摩根大通發表報告表示,將交行(03328.HK)2022至2023年的盈利預測分別下調4%和1.8%,而由於將標準化股本回報率(ROE)上調0.1%至8.3%,該行將其目標價由6元上調至6.5元,維持「增持」評級。 報告補充,交通銀行是僅有的兩家有能力在按揭貸款市場獲得市場份額的國有銀行之一,另一家是農行(01288.HK),交通銀行的按揭貸款敞口低於監管上限,而其他所有大型銀行均已超過上限,因此,交行不必像同業那樣放慢按揭貸款的增長速度,認爲最近幾周按揭貸款利率的上漲,將對交行的淨息差和盈利前景帶來正面影響。 摩通表示,降準和存款定價機制的變化,可能會穩定交行的淨息差,此外市場利率下降和結構性存款減少將降低交行的融資成本。
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