《大行報告》匯豐研究下調農行(01288.HK)目標價至3.63元 評級「買入」
匯豐研究發表研究報告指,農業銀行(01288.HK)上半年每股盈利按年增長5.7%,達到該行全年預測的近54%。
匯豐研究表示,上半年業績好壞參半,雖然面對宏觀環境困難,但農行資產增長速度仍快於預期,不過第二季淨息差按季下跌超過14個基點,收縮幅度超越同業,成本效率下降。
惟該行表示,向好的方面看農行現時不良貸款及關注類貸款比率均有所下降,貸款損失準備金佔總額比例仍高於同行四大銀行。
計及中期業績,匯豐研究將農行2022至2024年盈利預測下調0%、2.1%及5.7%,主要反映淨息差水平及手續費收入較低,維持「買入」評級,目標價由4元下調至3.63元。
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