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《大行報告》建銀國際料內銀股融資成本降可成催化劑 料今年盈利增長改善
建銀國際發表研究報告指,雖然內地銀行首季收入及盈利表現未如理想,但期內融資成本下降,加上減值損失的減少,信貸質量及流動性狀況進一步改善,預期或將推動股價上漲。 該行指,年初至今MSCI中國銀行股表現分別跑贏MSCI全球銀行及MSCI中國指數15%及9%,普遍內銀今年首季信貸質量穩步改善,總不良貸款率下降至127個基點,資產負債表貸款損失準備金維持於充足水平,佔不良貸款額的約244%,而損益減值亦按年下降約11個百分點。 該行預計內銀今年盈利表現將較具彈性,將今明兩年盈利及收入預測下調1%及2%,以反映淨息差收窄7至8個基點及費用降低5%的預期,當中部分被減值減少及稅率降低所抵銷,預料農行(01288.HK)、交通銀行(03328.HK)及郵儲行(01658.HK)收入表現將跑贏同業。 建銀國際相信今年內銀盈利按年增長會繼續改善至5%,相應將在港上市內銀股目標價上調最多25%。
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