《大行報告》美銀證券下調交行(03328.HK)目標價至5.4元 評級「跑輸大市」
美銀證券發表報告指,交通銀行(03328.HK)上半年純利按年升4.8%,核心純利按年升3.9%,均符合該行預期。
報告指,期內交行業務增長穩固,淨息差錄得按季下降,淨利息收入則按季增長0.1%,存款增長強勁,主要來自於定期存款的推動。
但美銀表示,考慮到宏觀不確定性,將股權成本預測上調50個基點至17.5%,並將市賬率基數展期至今明兩年平均水平,由於稅前利潤錄得負增長,撥備覆蓋率持續於較低水平,因此維持「跑輸大市」評級,目標價由5.6元下調至5.4元。
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