《大行報告》野村調整內銀目標價 降郵儲行(01658.HK)評級至「中性」
野村發表研究報告指,近期對內銀持審慎態度,主因相信盈利壓力持續,但在未來12個月前景看法正面,主要是其估值已反映最壞情況。該行指,內銀正努力地在發展與安全之間達致平衡,正尋求在高貸款增長、派息比率穩定,但淨資產收益率(ROE)較低這個「不可能三角」之間尋求突破。
該行將其所覆蓋內銀今明兩年盈利預測均值分別下調2.6%及4%,淨息差預測則分別下調至1.61%及1.55%,並料費用增長今明兩年分別達1%及4%。
野村將郵儲行(01658.HK)H股評級由「買入」降至「中性」,並調整多家內銀H股目標價,表列如下:
股份|投資評級|目標價(港元)
郵儲行(01658.HK)|買入→中性|5.53元→3.92元
農行(01288.HK)|中性|3.29元→3.26元
中行(03988.HK)|中性|3.13元→3.23元
建行(00939.HK)|買入|5.67元→5.93元
招行(03968.HK)|買入|45.13元→36.44元
工行(01398.HK)|買入|4.78元→4.73元
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