《大行報告》美銀證券下調民行(01988.HK)目標價至2.45元 評級「跑輸大市」
美銀證券發表研究報告指出,民生銀行(01988.HK)首九個月純利按年跌4.8%至338億元人民幣,上半年則跌7.2%。首九個月撥備前利潤按年跌25.2%,相對於上半年跌23%,去年全年跌12.9%。股本回報率按年跌0.3個百分點至8.9%。普通股權一級資本比率按季升30點子至9.1%。
該行維持對民行的盈利預測不變,但按美元兌人民幣匯率的市值計算,將其H股目標價由2.74元降至2.45元,認爲民行重組抑制收入增長,而撥備覆蓋率偏低,將持續拖累盈利增長,維持對其「跑輸大市」評級。
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