《大行報告》瑞信:郵儲行(01658.HK)調整儲蓄代理費率 長遠正面
瑞信發表研究報告指,郵儲銀行(01658.HK)調整收取人民幣個人存款業務儲蓄代理費率,新計劃下的混合利率或下降2個基點至1.27%。該行看好郵儲銀行,並指是考慮到其風險低、潛力大、且估值不高。在基本面良好的情況下,當中國宏觀的悲觀看法發生變化時,其估值可能會回升。
該行認為,調整儲蓄代理費率的短期影響有限。混合利率下調2個基點將令其2021財年的淨利潤提高1.2%。存款代理費在郵儲銀行營運支出中約為50%,以近3年營業收入計算則佔29%。
該行提到,長遠來說,郵儲銀行的利息成本可以通過更好的存款結構來降低,因為新計劃會鼓勵機構通過支付更高的利率來吸收更便宜的存款。如果有6%的1年期機構存款轉為活期存款,活期存款佔比將上升2個百分點至36.5%。代理費支出將增加17億元人民幣,綜合費率上調2個基點至1.31%。利息支出將進一步下降31億元人民幣。
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