星展：下调交通银行(03328)评级至“持有” 目标价升至5.5港元
星展发布报告称，将交通银行(03328)评级由“买入”降至“持有”，降今明两年盈测分别6%及9%，目标价由5.3港元微升至5.5港元。公司去年净息差收缩幅度小过同业。同时，交行的贷款增长同比升9.1%，为各主要国企银行中最低。整体而言，2023财年收入增长平稳，与同业看齐。
该行预计，交行2024财年及2025年盈利增长平稳，主要原因是净息差受压及对内地银行信贷需求疲软，但会被信贷成本预期下降而抵销。交行的存款成本水平在2023财年上升了14基点。尽管下调了数次存款利率，星展留意到定期存款在2023财年有向上趋势，料会在2024财年继续。
交通银行2023财年盈利取得0.7%增长，净资产收益率为9.7%，均处于同业较低水平。但交行股价表现在2023年和年初至今仍优于同业。由于交通银行已于2023年第4季被确认为全球系统重要性银行(G-SIB)，将面临更严格的资本要求。交行的股息率为8.5%，相当有吸引力，该行认为短期内股价催化剂有限。
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