《大行報告》大和削民行(01988.HK)目標價至2.65元 評級「持有」
大和發表研究報告指,與股份制銀行同業相比,民生銀行(01988.HK)以非國有集團為主要股東,資源相對有限,因此風險傾向較高,隨著經濟增長放緩和監管收緊,其資產質量和財富管理都需要改善。
民生銀行淨息差及存貸款增長均表現疲軟,去年淨息差按年下跌23個基點,今年首季更跌41個基點,主要歸因於民生銀行對高回報非標準化債務資產進行處置,以及期內調整其客戶群和業務結構等。
考慮到上半年疫情影響以及房地產行業持續面對流動性困難,大和認為民生銀行的資產質量仍然面臨壓力,維持「持有」評級,並將目標價由5.6元下調至2.65元。
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