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《大行報告》招商證券降郵儲銀行(01658.HK)目標價10%至5.85元 評級「增持」
招商證券發表報告,指郵儲銀行(01658.HK)上半年盈利能力維持穩定,純利按年升5.2%;整體資產質素維持優異,上半年淨息差收窄至2.08%,按年同期收窄12點子。報告微調對其盈測,考慮中績穩定及潛在經濟復甦,維持「增持」評級,目標價降10%至5.85元。 報告稱,即使內銀行業普遍下調存款息率,行業淨息差仍受LPR(貸款市場報價利率)下調、貸款收益率下降,以及定存佔比上升所影響。報告稱,留意到郵儲行次季淨息差按季僅輕微收窄,跑贏同業。其中一個原因料是郵儲行總債務中存款佔比較高,或更受惠於定存息率下調。 招商證券稱,郵儲銀行現估值相當於預測今年市盈率4倍,或預測今年市賬率0.5倍;報告料淨息差壓力持續,因內地政府鼓勵內銀就存量按揭合約重訂費率及近期LPR下調。
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