《大行》星展升農業銀行(01288.HK)目標價至5.3元 增長趨勢優於同業
星展發表研究報告指,農業銀行(01288.HK)(601288.SH)增長趨勢優於同業,上季淨利潤按年增長2%至720億元人民幣,貸款結餘按季增長5.1%;淨息差按年降10個基點。
該行預期農行2024至27財年的盈利年均複合增長率約爲1.8%,將2026至27年的盈測分別下調3%和6%。由於寬鬆的貨幣政策環境,該行預期農行未來數個季度的淨息差將進一步下降數個基點,而信貸成本預測大致穩定。
該行將農行目標價由4.6元上調至5.3元,重申「買入」評級。由於農行的基本面穩健增長,該行預計將持續吸引資本流入,同時,其2025年股息率料與同業相若。
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