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《大行报告》瑞信:邮储行(01658.HK)调整储蓄代理费率 长远正面
瑞信发表研究报告指,邮储银行(01658.HK)调整收取人民币个人存款业务储蓄代理费率,新计划下的混合利率或下降2个基点至1.27%。该行看好邮储银行,并指是考虑到其风险低、潜力大、且估值不高。在基本面良好的情况下,当中国宏观的悲观看法发生变化时,其估值可能会回升。 该行认为,调整储蓄代理费率的短期影响有限。混合利率下调2个基点将令其2021财年的净利润提高1.2%。存款代理费在邮储银行营运支出中约为50%,以近3年营业收入计算则占29%。 该行提到,长远来说,邮储银行的利息成本可以通过更好的存款结构来降低,因为新计划会鼓励机构通过支付更高的利率来吸收更便宜的存款。如果有6%的1年期机构存款转为活期存款,活期存款占比将上升2个百分点至36.5%。代理费支出将增加17亿元人民币,综合费率上调2个基点至1.31%。利息支出将进一步下降31亿元人民币。
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