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《大行報告》野村:內銀今明兩年盈測各下調1.3%及2.2% 上調中行(03988.HK)目標價至3.13元
野村發表研究報告指,預計內銀今年度盈利平均增長將穩定在約3%,考慮到今年淨利潤率將低於預期,以及存量房貸利率下調較預期早,和未來幾季貸款利率下調,相應下調手續費增長預期,並將內銀今明兩年淨利潤預測平均下調1.3%及2.2%。 該行指出,中資銀行需求復甦乏力,監管機構亦對銀保手續費率設置上限,保險代理手續費存在可能下調空間。 不過野村預期,隨著財政刺激政策實施,中國宏觀前景改善,仍然繼續看好招商銀行(03968.HK),認為其盈利能力較具韌性,緩衝較同業高,具利潤率相對較高,予「買入」評級,並將中國銀行(03988.HK)目標價由3.07元上調至3.13元,評級「中性」。 野村亦對建設銀行(00939.HK)給予「買入」評級,目標價為5.67元。
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