《大行報告》麥格理首予郵儲銀行(01658.HK)「跑贏大市」評級 內銀板塊首選中行(03988.HK)
麥格理發表研究報告,首予郵儲銀行(01658.HK)「跑贏大市」評級,目標價6.12元。報告相信郵儲行快將迎來估值重評,即使相較同業,郵儲行在按揭重新定價上受影響程度最大,報告料其經調整股本回報率在去年的10.8%見底,至2025年將反彈至11.9%,受惠農村地區中小企貸款及銀保渠道強勁增長。報告料在調整剩餘儲備後,郵儲行現估值吸引。
報告稱,中央政府「共同富裕」倡議要求加快華中及西部地區增長。報告料郵儲銀行在此有良好定位,去年上半年其有57%分行及53%存款位處該等地區。報告料郵儲行透過擴大對中小企貸款可獲更大利差,料股本回報率高達12%至13%。
麥格理稱,內銀板塊首選中行(03988.HK),但認為郵儲行在中國「共同富裕」倡議下有獨特機遇,在投資者找尋農村消費主題敞口下,可視郵儲銀行為核心持倉。
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