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研報掘金丨廣發證券:交通銀行定增落地,估值有望繼續提升
格隆匯 06-26 14:31

廣發證券研報指出,交通銀行定增落地,估值有望繼續提升。25年6月特別國債資本補充計劃落地,測算交通銀行核心一級資本充足率明顯提升1.3PCT 至11.52%。短期來看,資本充足率的提升有利於分紅比例保持高位,考慮到定增溢價率與攤薄水平基本相當,高股息價值有望長期保持,在經濟築底時期對估值形成一定支撐。長期來看,考慮到財政加快發力,經濟逐步企穩,規模增長提速、零售轉型加速帶動ROE 回升,估值有望繼續提升。給予24年0.75倍PB估值,對應公司合理價值9.79元/股,按照當前AH溢價比例,H股合理價值9.00港幣/股,均給予“買入”評級。

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