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星展:维持中信银行(00998)“买入”评级 目标价降至4.9港元

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星展发布报告称,对中信银行(00998)资产质量前景正面,主要因为信行风险管控具韧力,以及中期内地经济恢复,维持“买入”评级,预期较低息环境下,今明两年盈利预测分别下调11%及16%,其现价较同业折让,但增长指标较同业具优势,因此值得较高估值,目标价由5港元微降至4.9港元。

报告中称,中信银行去年业绩符合市场预期,纯利同比增长7.9%,表现超出同业,预期在内地宽松货币政策下,今明两年净息差继续受压,盈利增长主要受企业贷款需求及零售贷款余额逐步恢复所推动;随着财富管理规模提升,费用收入有稳定增长;而不良贷款比率及信贷成本下降。

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