《大行》華泰證券微升光行(06818.HK)目標價至4.63元 資產質量穩定
華泰證券發表研究報告,指中國光大銀行(06818.HK)(601818.SH)上半年歸母淨利潤、營業收入、撥備前利潤(PPOP)分別按年增0.6%、跌5.6%及跌6.2%,增速較今年首季增0.2、跌1.5及跌2.5百分點,主因息差邊際下行及非息收入承壓。該行認為,公司資產質量改善,集團優勢賦能,A股維持「買入」評級,H股維持「增持」評級。
鑑於不良風險趨穩,該行上調光大銀行2025至2027年每股盈測分別0.8%、1.3%及3.5%,至分別為0.63元、0.65元及0.67元人民幣,預測2025年每股淨值(BVPS)預測維持8.47元,A股港股分別對應0.45倍、0.38倍市賬率。
該行給予光大銀行A股2025年目標市賬率0.61倍、港股市賬率0.5倍,A股目標價從4.75元人民幣升至5.17元人民幣,H股目標價從4.62港元微升至4.63港元。
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