You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨浙商證券:中信銀行盈利能力領先股份行平均,估值有望修復
格隆匯 03-17 13:45

浙商證券研報指出,作爲高股息、低估值、低持倉的優質股份行,中信銀行(601998.SH)受益於中長期資金入市,估值有望修復。給予中信銀行目標2025年PB估值0.70x,對應目標價9.31元/股,現價空間30%。中信銀行當前盈利能力領先股份行平均,但較頭部銀行招行仍有差距。展望未來,中信銀行和頭部銀行的盈利能力差距有望收窄,驅動估值差距收窄。受益於對公、零售業務盈利差的行業性收窄,較招行的盈利能力差距有望收斂。中長期來看,隨着可轉債基本完成轉股、高級法申請和審批推進,中信銀行資本壓力有望顯著改善,爲分紅比例的中長期提升奠定基礎。另外,險資舉牌,有利於推動中信銀行價值發現。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account