摩通:交行(3328.HK)首季表現中性,予目標價6.5港元
格隆匯5月3日丨摩通發研指,交通銀行(3328.HK)首季純利按年增長6%,增幅與其餘五大行相約。摩通對交行季績看法中性,認為其估值不高,維持“增持”評級,H股目標價6.5港元。報吿指,從好方面看,期內貸款及存款增長依然強勁,手續費及佣金收入按年增長9%,更優於其餘五大行。管理層預計,疫情對長三角地區的影響較預期小。不過,淨息差持續收縮,儘管淨利息及手續費及佣金收入增長強勁,但總收入僅增長3%,撥備前利潤增速也較上季放緩;而投資及交易收入按年跌64%更成為季績的關鍵負累。報吿又引述交行管理層公開指,首季房地產貸款按年升9.15%至4582億元人幣,相關的不良貸款比率按季升22基點至1.48%;八成以上的國內貸款投放於有人口流入的地區,認為總體風險可控。

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