《大行報告》中金恢復覆蓋民行(01988.HK)予「跑贏行業」評級 目標價3.73元
中金發表研究報告指,已恢復對民生銀行(01988.HK)的覆蓋,並給予「跑贏行業」評級,H股目標價為3.73元,對應今年預測市賬率為0.3倍。
該行指出,民行具有強大的風險管理、內部控制和合規能力,有助提升業務基礎及質量,管理層正積極化解現有風險,淨不良貸款形成率持續下降,同時淨資產收益率亦較同行平均水平更具彈性,預測今年民行的淨息差可能會下降至1.41%,下行空間有限。
中金認為,隨著資產質量的改善,盈利增長的效用亦將會顯現,預期機構持股比例高、過去增長強勁的內銀可能會面臨較大的基本面下行壓力及估值折讓,預測民行2023至2025年每股盈利將分別達到0.7、0.76及0.82元人民幣,年均複合增長率達5.4%,淨利潤預期分別達到353億、378億及405億元人民幣,即按年增長0.2%、7%及7.1%。
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