大行評級|星展:重申郵儲銀行“買入”評級 目標價上調至5.9港元
星展發表研究報吿指,重申對郵儲銀行的“買入”評級,H股目標價由4.8港元升至5.9港元。郵儲銀行公佈降低其儲蓄代理費率,由2023財年的1.24%降至1.08%,亦料在內地眾多零售銀行中,郵儲行將會是內地刺激措施的主要受惠者之一。該行料,公司在成本效率改善下,2023財年至2026財年的盈利複合年度增長率可達4.9%。星展微降對其2024至2026年盈測介乎1%至3%,以反映內地利率下降環境;下調淨息差預測介乎4至8個基點,而同期的成本與收入比率預測亦下調至介乎64%至65%,以反映成本效率改善。另外,該行預期郵儲行短期會跑贏內銀同業,料內地的刺激措施會提升經濟增長及穩定樓市,而近期降低儲蓄代理費率也是一短期催化劑。
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