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《大行報告》中金料內銀股第二季淨利潤或錄負增長 關注資產質量數據組合
阿思達克 07-23 14:25
中金發表報告表示,預計今年第二季上市內銀股淨利潤按年增速由首季的5.6%下降至負增長區間,主因銀行嚴格貸款分類以鞏固資產負債表,同時大幅計提撥備以反映潛在風險。

該行指,內地銀行業整體的方向性和幅度的重要性甚於個股具體數值,建議上市銀行採用短期損益表出清的方式客觀反映經營壓力和金融讓利的影響。該行建議投資者以撥備前利潤(PPOP)增長強勁且同時擁有健康資產質量數據組合的銀行,該行重點看好招商銀行(03968.HK)、光大銀行(06818.HK)和郵儲銀行(01658.HK)。

中金認為,內銀淨息差環比小幅收窄、不良率環比小幅提高,以上指標趨勢在估值中已經反映較為充分,未來關注點在於信用成本支出見頂時間點 。建議投資者以撥備前利潤(PPOP)+ 資產質量數據組合框架選擇銀行,即投資具有以下特徵的銀行股份,即擁強勁的撥備前利潤增長、環比平穩的資產質量數據組合和大幅提高的撥備覆蓋率。 其中,若部分個股在未來幾個季度計提撥備可以充分覆蓋潛在風險損失,即信用成本見頂。

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