《大行》瑞銀升徽商銀行(03698.HK)目標價至3.05元 資產質素仍存不確定
瑞銀發表研究報告指,徽商銀行(03698.HK)年初至今的股價表現優異,原因在於上調派息比率、不良貸款比率下降,以及投資者尋求低估值銀行。該行認為徽商銀行的資產質素仍有不確定因素,於去年底,SML比率按年升33個基點至1.13%,而逾期貸款比率則增4個基點至1.26%。此外,撥備與貸款比率下降至2.82%,顯示銀行需要進一步提撥減值準備以重建撥備,這或會拖累利潤增長,因此估計公司評級暫不會進一步重整。
該行表示,考慮到徽商銀行資產質素的不確定因素,其收益率並非特別吸引,雖然派息率有潛在的上升空間,但相對穩健的貸款增長或會阻止保留盈利作資本的實質增長。
該行下調徽商銀行2025至2027年的股東除稅後淨溢利預測2.6至8.8%,而收入則錄增長5.5%,又預計今年公司的淨息差按年跌10個基點,貸款增長達11.8%,相比去年同期則為14.6%。該行將其目標價由2.01元調升至3.05元,續予「沽售」評級。
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