《大行報告》花旗:民行(01988.HK)受惠交易收益強勁 季績勝預期
花旗發表研究報告指,民生銀行(01988.HK)受惠交易收益強勁,上季收入及純利同勝預期;首九個月的撥備前利潤(PPOP)按年跌4.2%至683億元人民幣,除稅後淨利潤降0.6%至336億元人民幣,高於預期,主要是受到交易收益的強勁增長所支撐,但部分被手續費收入和淨息差的疲弱所抵銷。
由於信貸成本下降,民行第三季除稅後淨利潤按年增長率從第二季的負12.5%恢復至正增長7.2%。該行認為,銀行取消可換股債券發行後,有動機提高盈利以補充資本。今年第三季民行的資產報酬率(ROA)及淨值報酬率(ROE)按年各升1個基點及18個基點,至分別0.52%和7.5%,基本符合該行預期,表現優於大多數中資銀行同業。該行予民行「買入」評級,目標價3.43元,並處於30天正面催化觀察,以反映其良好的盈利增長前景和較便宜的估值。
該行預期,民行的業績將帶來正面股價反應,其成為季內PPOP按年正增長的六間銀行之一。民行部分不良貸款負擔已經解決;面對資金壓力,該行認為,民行管理層正推動盈利增長,並目標在2024年實現收入正增長和高單位數盈利增長。
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