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《大行報告》野村下調郵儲行(01658.HK)目標價至5.53元 上季盈利遜因非利息收入及淨息差收窄
阿思達克 10-30 11:30
野村發表研究報告指,郵儲行(01658.HK)第三季業績遜於預期,是受到非利息收入及淨息差收窄所影響。郵儲行第三季淨利潤按年跌2%至260億元人民幣,較預測低7%。撥備前利潤按年減13%至340億元人民幣,較預期低16%;營業收入按年基本持平於830億元人民幣,比預期低6%。貸款總額按年增12%,但受到淨息差收窄所拖累,今年第三季淨利息收入增5%至720億元人民幣。 今年首九個月,郵儲行的淨息差按年減18個基點,可能是由於LPR下調和融資成本穩定。第三季非利息收入減少23%至120億元人民幣,其他非利息收入按年降35%;淨費用及佣金收入跌4%(首九個月增0.3%)。撇除轉型為資產淨值(NAV)理財產品的一次性因素,淨費用及佣金按年增16.1%。 該行將郵儲行的目標價由5.92元下調至5.53元,評級為「買入」。
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