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交銀國際:偏好已具零售優勢的銀行股 予郵儲銀行(1658.HK)買入”評級
格隆匯 01-17 14:37

交銀國際發佈報告稱,認為2020年內地商業銀行普遍仍將以零售業務作為發展戰略,以應對不斷上升的淨息差壓力並維持盈利能力。

該行表示,零售業務能提升盈利能力,但成效不一。就招商銀行(03968.HK)而言,相信其成功之道在於兩方面的能力,包括提升客户粘性和低成本零售活期存款的比例,及採取適當的信用風險管理保障收益率。

該行還稱,儘管零售業務擴張不可避免,但並非易事。過去兩年,內地居民槓桿率已經迅速增長,表明零售貸款的信貸風險有所增加。同業競爭日趨激烈和金融科技快速普及也可能推高運營成本。該行偏好已具備零售優勢的銀行股,認為如果銀行已經擁有龐大的網點,可以獲得穩定、低成本的零售資金,而成熟的零售業務和高利潤率則可以緩衝高昂的運營成本,推薦郵儲銀行(01658.HK),予“買入”評級。另外,也予招商銀行“買入”評級。

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