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《大行報告》大和降民行(01988.HK)評級至「跑輸大市」 目標價下調至2.45元
大和發表研究報告,認為民生銀行(01988.HK)資產質量透明度似乎有所下降,認為民行未來要面對平衡例如業務增長、增強資產質量和資本管理的壓力,考慮到過去幾年民生銀行在提高零售貸款比例方面面對困難,因此將投資評級從「持有」下調至「跑輸大市」。 民生銀行上半年不良貸款率下降至1.57%,但大和指出,擔心民生銀行放寬不良貸款認定標準以降低不良貸款率,將會影響資產負債表透明度,又認為民生銀行近日撤回發行可轉債的申請,或是受到近期監管影響。 大和又指出,民行上半年資產收益率走勢雖然較為穩定,但期內存款增速較同業遜色,反映客戶忠誠度較弱,在競爭日益激烈的情況下令該行處於劣勢,將今明兩年撥備前利潤預測下調8%至18%,同時因減值損失減少,將淨利潤預測上調6%至10%,將民行目標價由2.65元下調至2.45元。
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