《大行報告》野村下調內銀目標價 首選招行(03968.HK)及郵儲行(01658.HK)
野村發表研究報告,表示看好招行(03968.HK)及郵儲行(01658.HK)擁有強大的零售業務及可觀的覆蓋作緩衝。
該行指,由於淨息差壓力,第二季內銀盈利及手續費收入增長放緩,費用增加,部分被撥備費用降低所抵銷,該行覆蓋的內銀期內淨利潤增長從首季的平均按年升8.7%,放緩至第二季的按年升6.1%,當中招行、郵儲行及平安銀行等增幅介季12%至24%,而工行(01398.HK)、建行(00939.HK)及農行(01288.HK)等大行則增長約3%至4%。
野村又指,期內資產收益率下降和存款成本上升導致淨息差壓力加劇,覆蓋的內銀第二季度淨息差按年下跌約4至10個基點。同時雖然面對零售信貸需求疲軟,但由於企業貸款、票據貼現及貸款增長穩定,內銀業整體貸款規模增長加快至12.4%。
該行維持招行及平安全年盈利預測,並將工行、建行、農行及郵儲行的盈利預測下調約1%至3%,全年淨息差預測下調3至9個基點,預計下半年內銀平均盈利增長將放緩至4.3%。
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