《大行報告》麥格理:中行(03988.HK)首季業績遠勝預期 為內銀首選
麥格理發表報告指,中行(03988.HK)首季純利達577億元人民幣,按年持平,遠勝市場預期,主要是保留了其儲備利潤,而首季不良貸款準備金比率由去年第四季的189%,上升了14個基點至今年首季的203%。該行指,首季業績強勁是由於撥備前利潤增長強勁,按年升9%,以及和資產質量改善。
該行指,中行首季淨利息收益率跌至1.7%,惟相信會於次季反彈,主要是外幣資產融資成本較低,另中行從外幣債券持倉中有更多資本收益入賬。
該行表示,將公司今年、明年及2025年每股盈測分別下調了3%、5%及6%,並維持其H股目標價為4.24元,以及其評級為「跑贏大市」,亦是麥格理的內銀首選。
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