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高盛:予交行(3328.HK)目标价6.9港元 维持“沽售”评级
格隆汇 08-28 10:24

高盛发表研究报告称,予交通银行(03328.HK)的目标价6.9港元,维持“沽售”评级 。

该行指出,交行上半年及次季的净利润为427及217亿元人民币,分别同比增长5%,拨备前利润(PPOP)为705及353亿元人民币,分别同比增长10%及5%。业绩结果反映交行处理其资产负债表的努力,由于相对较低的不良贷款覆盖率低于同业平均水平,交行需要更高的拨备来建立更高的风险缓冲。

该行表示,交行实现盈利增长,尽管其贷款增长仍保持低位,同比仅增长7%,但其核心一级资本水平(CET1)的下降以及股本回报率(ROE)与同业相比持续疲软(上半年升12%,而四大国有企业银行平均增长值为14%),故认为交行增长潜力仍然受到限制。

该行还指出,交行净息差基本稳定,在上半年为1.47%、次季为1.46%,两者分别下降2个基点,这是由于较低的资产收益率和融资成本分别下降了5个百分点/7个百分点。

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