《大行報告》美銀證券下調郵儲行(01658.HK)目標價至7元 評級「買入」
美銀證券發表報告指,郵儲銀行(01658.HK)今年上半年純利增長強勁,按年升14.9%至471億元人民幣,較該行預期略高出0.6%,並較招商銀行(03968.HK)純利增幅高出1.4個百分點。至於核心盈利按年上升6.1%,亦優於預期0.8%。
報告表示,郵儲銀行毛利持續受壓,其中第二季的淨息差按季收縮11個基點至2.21%,但費用收入表現非常強勁,淨費用收入於上半年按年增長56%,較首季的升40%進一步加快。
美銀證券下調郵儲行股份目標價7%,由7.55元降至7元,反映在宏觀不明朗下,股本成本預測上調1個百分點,至於股份評級維持「買入」。
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