郵儲銀行(1658.HK)2019年三季報點評:盈利能力同比提升,維持“買入”評級
機構:國信證券
評級:買入
郵儲銀行披露2019年三季報
郵儲銀行2019年前三季度實現歸母淨利潤543億元,同比增長16.2%。
費用管控得力,盈利能力提升
2019前三季度加權平均ROE同比提高1.1個百分點,其中ROA0.73%,比去年提高0.06個百分點,貢獻較大。從杜邦分析來看,ROA提高主要受益於業務及管理費/平均資產回落,公司的成本收入比較去年同期下降近3個百分點,顯示出公司在成本控制方面持續取得效果。
手續費收入快速增長,淨息差回落
郵儲銀行前三季度手續費淨收入同比增長18.9%,繼續快速增長,但淨息差有所回落。公司披露的前三季度日均餘額淨息差為2.52%,較去年同期下降了15bps,主要是負債成本上升導致。從單季淨息差來看,三季度日均餘額淨息差2.46%,環比二季度也下降了6bps,亦由負債成本上升引起,顯示出銀行之間存款競爭激烈。
資產質量大致穩定
從不良貸款各項指標來看:三季末不良率0.83%,環比提高1bp;三季末撥備覆蓋率環比下降5個百分點至391%,資產減值損失同比增長10.9%,相對貸款增速而言不算快。結合公司資產減值損失增速正常以及撥備覆蓋率小幅下降,我們估計公司三季度的不良生成率可能略有上升,但資產質量整體比較穩定。
資產增速穩定
資產負債表方面,前三季度總資產同比增長8.1%,與二季度基本持平。三季度單季新增生息資產242億元,其中貸款增長1404億元;三季度新增計息負債255億元,其中存款增長643億元,同業融資壓降388億元。
投資建議
公司整體表現基本符合預期,我們維持“買入”評級。
風險提示
宏觀經濟形勢持續走弱可能對銀行資產質量產生不利影響。
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