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《大行報告》摩通升民行(01988.HK)評級至「增持」 目標價上調至4.3元
阿思達克 05-16 09:46
摩根大通發表研究報告指,中國民生銀行(01988.HK)經歷過去三年改革後,將焦點重新放在2023至2025年實現可持續增長。該行認為,其小微企(MSE)業務是該銀行利潤增長的關鍵驅動力。摩通分別上調其2024至25財年盈利預測分別8%和19%,主要反映更高的淨息差、更穩定的費用趨勢和減值開支收縮,H股目標價由3元升至4.3元,H股評級由「中性」上調至「增持」。 摩通表示,民行經過三年的利潤收縮,其今年第一季的收入和利潤增長溫和好轉,壞賬指標下降。另外,該銀行是MSE融資業務的先行者,早於2009年推出個人經營貸款產品商貸通。目前,MSE貸款佔總貸款的17%,大大低於高峰時(2013年)的26%。隨著過去三年MSE客戶的增加、基礎設施建設和戰略重點增加MSE貸款,預計MSE業務將加速發展。由於MSE的貸款收益率高於平均貸款,摩通預計該銀行將提高小微貸款無抵押部分,或可推高其淨息差和收入。
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