《大行報告》中金下調中國光大銀行(06818.HK)目標價至2.71元 第三季業績符預期
中金發表報告指,中國光大銀行(06818.HK)第三季收入按年跌8%、純利增長2.5%,符合該行預期,淨利息收入按年跌5.9%,總資產及貸款按季分別升1.1%及0.5%,存款按季跌1.7%,估計淨息差按季下跌5點子至1.63%。淨費用收入按年跌15.9%,中金認為主要受資本市場短期表現影響,若果市況復甦,在該行穩定的零售客戶基礎及業務優勢下,相信財富管理業務盈利會有增長。
光大銀行在第三季末不良貸款比率1.35%,按季升5點子,中金將密切注意該行房地產及零售相關貸款風險。因應經濟復甦步伐、債券市場波動、資本補充需求等因素,中金將今年收入及純利預測,分別下調12.5%及2.1%,明年預測分別下調19.3%及7.1%,目標價下調4.2%至2.71元,反映今明兩年預測市賬率均為0.3倍,維持「跑贏行業」評級。
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