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《大行報告》瑞信下調光大銀行(06818.HK)目標價至3.7元 評級「跑贏大市」
阿思達克 03-29 11:13
瑞信發表研究報告指光大銀行(06818.HK)去年業績符預期,純利升14.7%至434億元人民幣,兩年複合年均增長7.8%。去年末季純利按年升1.2%。末期息20分人民幣,意味H股收益率8.5%,屬瑞信所覆蓋內銀中較高。 報告稱,光行淨利息收益率按年跌13點子,至2.16%,略較該行預期差,致淨利息收入增長疲弱僅按年升1.3%。撥備前經營溢利按年升5.2%屬疲弱。純利較大程度受惠於減值虧損按年減少。瑞信料光行經營保持穩定,及持續推進零售轉型。中期普通股權資本充足率壓力仍存在。目標價由3.85元降至3.7元,評級「跑贏大市」。
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