《大行報告》美銀證券上調民行(01988.HK)目標價至2.8元 評級「跑輸大市」
美銀證券發表研究報告,指民生銀行(01988.HK)去年純利按年升2.6%至353億元人民幣,扭轉去年首三季跌4.8%勢頭,勝該行預期6.2%,受惠撥備及稅務開支較預期少。撥備前盈利按年跌24.3%,遜該行預期1.4%。股本回報率跌0.3個百分點至僅6.3%。分派比率維持30%,股息率高達9.2%。該行上調人民幣匯率預測至6.7兌一美元,並上調民行今明兩年盈測介乎8%至11%,目標價由2.49元升至2.8元,重申評級「跑輸大市」,因撥備覆蓋低及股本回報率持續疲弱。
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