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《大行報告》美銀證券下調中銀(02388.HK)目標價至32.5元 評級「買入」
阿思達克 04-04 11:58
美銀證券發表研究報告指,中銀香港(02388.HK)去年AT1分配前淨利潤按年增長16.8%至284億元,較該行預測低2.9%,部分原因是由於投資物業虧損所致。全年核心盈利按年增長20%,淨資產收益率上升1.2個百分點至9%,派息比率提升1個百分點至53%。 考慮到美聯儲態度可能轉向,美銀將中銀香港今明兩年盈利預測下調9%至10%,指出去年下半年淨息差持續改善,在較高的利率環境下資產收益率及融資成本上升。第四季該行不良貸款規模增長11%,管理層將不良貸款率上升主要歸因中國商業房地產貸款及部分東盟借款的影響,美銀預期相關信用風險管理仍將是中銀香港今年目標。 美銀將其目標價由36.3元下調至32.5元,重申「買入」評級,預計2023年利潤率和股本回報率將持續改善,認為估值具有吸引力。(gc/s) ~
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