《大行報告》大和下調郵儲行(01658.HK)目標價至5.1元 評級「買入」
大和發表報告指,郵儲銀行(01658.HK)上半年信貸業務表現向好,實現行業領先的穩健淨息差,並達成今年全年貸款增量目標9,000億元人民幣的68%,管理層有信心下半年可超額達成目標,全年料達到1萬億元人民幣。
大和指出,郵儲行將今年上半年貸款業務增長主要歸因於剛需房業務佔比較高、轉售公寓業務帶動,以及該行專注於一線城市業務所致。惟大和認為,郵儲行未來淨息差將要面對來自LPR潛在下行、存量房貸降息及存款成本調整靈活性有限所帶來的壓力。
因應淨息差壓力,大和將郵儲行2023至2025年撥備前盈利(PPOP)預測下調介乎5%至18%,淨利潤預測下調5%至9%,目標價由原先的6.3元下調至5.1元,但重申「買入」評級,列作行業首選之一。
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