《大行報告》匯豐研究下調郵儲銀行(01658.HK)目標價至4.68元 評級「持有」
匯豐研究發表研究報告指出,郵儲銀行(01658.HK)去年每股盈利按年增長9.1%至85分人民幣,較市場預期低3.6%;每股淨資產7.41元人民幣,按年增長1.1%。派息率達32.6%。
該行認為,鑑於郵儲銀行去年第四季業績,預期公司今年每股盈利難以達致市場預測按年增長13.7%水平,並認為公司今年淨息差收窄情況仍將持續。維持對公司「持有」評級,但將目標價由5.05元下調至4.68元,對其今明兩年盈利預測下調各7.9%及4.4%,以反映淨息差較低、成本收入比較高,以及近期配股導致每股盈利的攤薄。
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