《大行報告》中金下調中銀香港(02388.HK)目標價至25.8元 關注後續信用成本
中金發表報告指,中銀香港(02388.HK)公布第三季業績簡報,營收按年、按季分別增長19%、14%,經營利潤按年、按季分別增長9%、12%,業績小幅低於該行預期,主要來自受地產敞口影響信用成本明顯上升。
該行指,中銀香港第三季計提撥備15億元,該行測算單季年化信用成本35個基點,按年、按季分別上升36及28個基點。該行認為本季信用成本明顯上升主要來自內地商業地產敞口風險。截至上半年末,公司內地地產敞口共計931億元,佔總貸款約5%,關注率及不良率分別為3.2%和4.8%,公司房企客戶中房客戶中,國企佔比78%、民企佔比 22%,且客戶主要分布在一二線沿海城市,該行認為中銀香港客戶資質好於本地同業。但考慮到地產行業仍存在較大不確定性,認為公司信用成本短期仍存在壓力。
中金指,由於中銀香港淨利息收入表現略好於該行預期,對沖信用成本上行,該行維持盈利預測基本不變。維持「跑贏行業」評級,但由於公司資產質量仍存在較大不確定性,下調中銀香港目標價12.4%至25.8元。
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