大和:降中信銀行(0998.HK)目標價至4港元 評級維持買入
大和發表研究報告指,中信銀行(0998.HK)第三季的業績在撥備前利潤(PPOP)和資產質素方面都令人失望。該行將中信銀行目標價由原來的4.3港元降至4港元,評級維持買入,主要是反映2021至2022年較高的信貸成本預期,以應對新型冠狀病毒肺炎疫情帶來的影響。
大和表示,中信行第三季PPOP按年下跌2.2%,主要受到手續費收入、交易和投資收益減少所拖累,導致非利息收入下降,不過其淨息差按季提升6基點至2.04%,令淨利息收入按年增長4.6%。大和認為,兩者都會持續至今年第四季。
該行指,中信銀行的資產質素持續惡化,截至第三季末,不良貸款率按季上升15基點,並由年初至今上升了33個基點至1.98%,主要由於疫情對房地產、零售、餐飲等行業的影響。儘管銀行的信用卡貸款質量從次季有改善,但認為疫情對有關行業的滯後影響等,或會繼續拖累中信銀行的資產質量。
大和指,考慮到較高的信貸成本假設,因此將中信銀行今年至2022年的每股盈利預測下調0.4%至12%,並預計銀行今年淨利潤將按年下跌10%。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.