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《大行報告》摩通降郵儲銀行(01658.HK)評級至「持有」 目標價下調至5.4元
阿思達克 04-06 11:20
摩根大通發表報告指出,郵儲銀行(01658.HK)去年第四季純利按年跌2%,在國有銀行中表現最差,並低過該行及市場預期13%。期內撥備前利潤按年跌31.5%,主要受非利息收入下跌及營運開支上升影響。 報告認為,隨著風險加權資產快速增長,預期郵儲銀行將於2025或2026年再次發行新股,這將限制股本回報率的擴張空間。短期而言,由於郵儲銀行的按揭貸款重新定價集中在1月1日,且按揭貸款敞口在內銀中最高,估計其今年首季淨息差存在下行風險。 此外,報告將郵儲銀行投資評級由「增持」降至「中性」,並將其今明兩年的撥備前利潤預測下調8%及9%,惟部分被較低的信貸成本所抵銷,對其純利預測下調3%及4%,目標價由6.1元下調至5.4元。
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