《大行報告》大和上調農行(01288.HK)目標價至3.45元 評級「跑贏大市」
大和發表報告指,農業銀行(01288.HK)早前舉行了去年業績分析員會議,對今年的信貸業務、財富管理子公司和普惠貸款業務有更多著墨。
信貸業務方面,今年首兩個月農行新增貸款6,300億元人民幣,年初至今餘額增長3.6%,高於去年同期的新增貸款5,510億元人民幣,至於住房抵押貸款業務的增量和餘額亦穩定增長。對於今年的淨息差,農行預計將出現更溫和收縮,主因LPR下調、新存款利率定價機制、同業負債成本降低、優化資產負債表結構,及完善定價機制。
大和上調農行股份目標價,由3.25元升至3.45元,評級維持「跑贏大市」,並調升其今明兩年撥備前利潤預測3%至7%,以反映更大的信貸分配,不過純利預測則下調8%至13%,主因信貸成本大於預期。
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