《大行報告》瑞信下調郵儲行(01658.HK)目標價至5.4元 評級「跑贏大市」
瑞信發表研究報告指,郵儲行(01658.HK)計劃通過非公開發行68億股A股,籌集450億元人民幣(下同)。儘管短期內股份會被稀釋,但這筆交易從長遠來看可幫助集團。完成後總股份將會增加7.3%,料CET1比率將增加64個基點至10.19%,新增貸款7,000億元。
報告提到,集團首九個月純利增14.5%,意味著第三季增長13.8%,符合預期;第三季收入按年增加3.5%,較上半年的10.1%有所下降,遜於預期;首九個月淨息差按年下跌14個基點至2.23%,第三季則按年跌22個基點至2.16%;手續費收入按年增長6.3%,較上半年的56%大幅下降。
該行下調2022年淨息差和手續費收入增長預測,以反映第三季表現遜於預期。該行將集團目標價由7.4元下調至5.4元,維持「跑贏大市」評級。
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