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《大行報告》招商證券重申郵儲行(01658.HK)「買入」評級 為行業首選
招商證券發表報告,重申郵儲行(01658.HK)「買入」評級,H股目標價5.85元,稱其資產質量平穩,撥備覆蓋率充足,加上對部分系統性風險敞口較少,為行業首選。 報告指,內銀估值部分受到房地產業以及地方債務等系統性風險的影響。與同業比較,郵儲銀行在對公領域房地產業以及地方債務風險敞口上相對較小。統計數據表明:六大銀行的房地產開發貸以及建築行業貸款佔總貸款比重為4.8%至9.1%之間,其中郵儲銀行僅為5.6%。 由於數據可得性,該行使用租賃和商務服務業貸款代替銀行城投相關敞口,六大行城投相關敞口佔該行總貸款比重在2.4%至12.6%之間,其中郵儲銀行僅為2.4%。從數據上看,郵儲銀行對部分關鍵風險敞口較少,應享有較高的估值水平。 另外,報告指,中央金融工作會議指出促進金融與房地產良性循環、要防範化解地方債務風險等。在防範化解金融風險的背景下,系統性風險緩和,長期而言高質量銀行的估值應有所修復。
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