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《大行報告》星展降郵儲行(01658.HK)目標價至5.6元 評級「買入」
星展發表研報指,郵儲銀行(01658.HK)郵儲銀行作為一家主打零售業務、依託中國郵政強大網絡的國有銀行,在農村地區擁有強大的影響力和較高的聲譽,該行已將「三農」列作五項關鍵增長戰略之一,與競爭對手有所區別,相信可受惠於三農地區具有較高的增長潛力和相對穩定的信貸需求。 星展預測郵儲行2022至2025財年盈利年複合增長率可達11%,認為其在中小企業和農村風險敞口及財富管理方面的策略,可部分抵銷淨息差下行壓力所帶來的負面影響。 星展重申對郵儲行的「買入」評級,目標價由6.3元下調至5.6元,並將今明兩年盈利預測下調8%及14%,預期中國零售消費復甦將是該行股價上升主要動力,隨著下半年零售消費緩慢復甦,估計零售貸款需求改善將推動重估。
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