《大行報告》瑞銀:內銀首季盈利普遍遜預期 惟未來可能會改善
瑞銀發表報告指,內銀首季盈利普遍遜預期。季內內銀貸款增長非常強勁,惟淨利潤率大幅下降,收入或撥備前利潤增長疲軟,以及盈利增長普遍減速,四大行平均值按年升0.6%,郵儲銀行(01658.HK)升5.2%,招商銀行(03968.HK)升7.8%。
該行指,隨著未來淨利潤率壓力緩解,淨利潤率比較基礎減低,以及消費信貸和財富管理業務持續復甦,預計大多數國有銀行的收入和盈利增長將從第二季開始連續改善。
瑞銀認為,雖然第一季內銀業績相對疲軟,但預計大型銀行的股價在短期內仍有韌性,並認為領先的股份制銀行估值下半年會有更大的上升空間。該行看好招商銀行、平安銀行(000001.SZ)、常熟銀行(601128.SH)和寧波銀行(002142.SZ)。
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