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《大行報告》花旗:中行(03988.HK)首季撥備前經營溢利勝預期 評級「買入」
花旗發表研究報告,指中國銀行(03988.HK)首季撥備前經營溢利(PPOP)按年增長9%,達到1,126億元人民幣,增長速度較去年第四季的1.8%加快,主要來自於期內強勁的交易收益,抵銷手續費收入、淨息差及營運效率下降的疲軟。期內稅後淨利潤增長0.5%至577億元人民幣,達到市場對其全年預測的約25.5%。 花旗指出,中行PPOP增速為中國大型銀行中最快,雖然首季稅後淨利只錄得0.5%增長,低於同業水平,但認為該行季內藉機消化不良貸款及提升不良貸款覆蓋率。 花旗對中行H股維持「買入」評級,預料其海外貸款敞口較高,在利率市場化的情況下業務將較同業更具韌性,同時亦看好中行可成為人民幣國際化和自由貿易區進一步發展的主要受惠者,目標價4.08元。
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