《大行報告》摩通:信行(00998.HK)次季淨利潤勝預期 惟核心盈利仍疲弱
摩根大通發表研究報告指出,中信銀行(00998.HK)次季淨利潤按年增長13%,勝該行預期7%,資產質素超預期,不良貸款率按季跌4點子,不良貸款覆蓋率按季提高13個百分點。不過,信行的核心盈利仍疲弱,淨息差按季收窄6點子,費用收入按年跌9%,營運開支增長高過收入增長,導致第二季的撥備前經營利潤收縮1%,遜預期。
該行認為,儘管信行資產質素及純利增長好過預期,但其核心盈利表現疲弱,加上撥備前經營利潤趨勢,可能引發投資者對其中長期增長前景的憂慮。維持對信行「中性」評級,目標價3.6元。
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