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《大行報告》德銀降永亨(00302.HK)目標價至90元評級「持有」 @ 2013-03-08T13: Back Hot News
Keyword:永亨
Concept:內地息差 , 永亨銀行去年貸款
內地撥備大增,永亨銀行(0302)去年盈利跌16%,符預期–受內地貸款減值撥備大增影響,永亨銀行的內地業務稅前溢利大減76%,加上重估物業收益減少,令該行去年純利倒退16%至18.0億元,每股盈利6.00元。若撇除出售物業收益項目,永亨去年核心純利只跌5.6%。永亨資本充裕,全年股息增加15.6%,末期息每股1.62元,派息比率上調至35%。該行去年的香港業務錄得輕微回撥,但內地減值撥備則由去年的2,064萬元,急增11倍至2.52億元。有關問題貸款主要在浙江省,管理層指撥備大增乃是個別情況,並未形成趨勢,該行撥備覆蓋率亦超過100%,撥備已足夠。去年度,永亨整體淨息差收窄5點子至1.62厘。展望今年,內地息差仍有收窄壓力,但香港資金充裕,資金成本可能下降,息差則有望輕微擴闊。根據彭博綜合預測,永亨2013年每股盈利將倒退2%,預測市盈率13.5倍,息率2.5厘,估值並不吸引。不過,若從企業並購角度看,其預測市帳率1.23倍,則屬吸引。

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