《大行報告》瑞信下調信行(00998.HK)目標價至4元 評級「跑贏大市」
瑞信發表報告指,信行(00998.HK)第三季業績穩定,資產質量改善。管理層表示,企業需求復甦將在第四季持續,但零售需求仍未恢復,特別是抵押貸款和消費貸款。另料資產質量應保持逐步改善。至於淨息差仍面臨下行壓力,但該行將努力保持淨息差基本穩定。
該行調整預測模型以反映較低的淨費用收入和較輕的資產質量問題。2022財年每股盈利預測增加0.4%,2023和2024財年每股盈利預測基本不變。目標價由4.2元下調至4元,考慮到A股和H股溢價。維持「跑贏大市」評級。
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