《大行報告》摩通升郵儲行(01658.HK)評級至「增持」 目標價上調至4.35元
摩通發表報告指出,郵儲行(01658.HK)相對於四大銀行的估值溢價,由去年6月份的50%收窄至去年底的16%,預料相關情況將會穩定下來,因為郵儲行相對於國有銀行,間接地更受惠於小型銀行改革;定期存款降息對淨利息收益率帶來擴闊空間,而定期存款相當於郵儲行有息負債的67%,相對於四大銀行平均佔46%;儘管宏觀環境疲弱,但農民工穩定增長支持郵儲行的收費和存款增長;鑑於郵儲行不良貸款生成率較國有銀行低,以及收入增長潛力較高,該行認為郵儲行目前的估值溢價合理,並不預期下調評級。
為反映去年12月宣布下調定期存款利率的正面影響,該行將郵儲行今明兩年盈利預測,分別上調0.3%及3.1%,目標價由4.1元上調至4.35元,評級亦由「中性」調至「增持」。
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