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野村:下调农行(1288.HK)目标价至4.12港元 评级“买入”
格隆汇 04-01 11:49

野村发布报告称,农业银行(1288.HK)去年业绩稳健并符合该行预期,但今年前景困难,将其目标价由4.57港元下调至4.12港元,维持“买入”评级。

该行表示,农行去年纯利增长4.7%,基本符合预期,净资产收益率为12.43%,而2018财年为13.66%,主要是由于净息差下降;去年净息差(NIM)收窄至2.17%;另外去年末的不良贷款率1.4%,与预期相符。农行宣布每股派息0.1819元人民币,增长4.6%,派息比率保持在30%不变,意味着H股息收益率为6.7%。

该行称,将农行的净息差预测下调2个基点至2.03%,意味着将收窄14个基点,该行认为今年一年期贷款市场报价利率(LPR)可能会下调25-30基点,而较低的LPR的影响可能被潜在的基准存款利率下调所抵消。

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