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《大行報告》中金上調交行(03328.HK)目標價至6.74元 上季業績略遜預期
阿思達克 10-31 11:22
中金發表研究報告指,交通銀行(03328.HK)首三季收入及純利按年增長1.7%及2.4%,撥備前利潤(PPOP)按年跌0.5%;第三季收入、純利及PPOP則分別按年下跌4.6%、3.2%及9.7%,稍遜該行預期,相信主要是由於非利息業務疲軟及成本對收入比率上升。 中金指,由於資本市場波動,理財收入下降,交行上季淨手續費收入較去年同期下降5.8%;同時受外匯損失所影響,上季其他非利息收入亦按年跌10.5%,淨利潤增長速度及淨利差下降速度略有放緩。 考慮到該行的淨利差水平在大型銀行中相對較低,中金預期因交行負債成本相對較高,其存款成本降低將導致淨利差上升,另外估計其撥備覆蓋率會持續上升。 中金維持對交行今明兩年的盈利預測,基於內地房地產市場及債務處置政策的調整,將H股目標價14%上調至6.74元,對應預測今明兩年市賬率分別約0.6及0.4倍,維持「跑贏行業」評級。
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