招商证券(香港)：邮储银行（01658）港股公司研究报告-Assetsqualityremainedstable;MaintainBUY

邮储银行(01658) Assetsqualityremainedstable PSBCisconfidenttomaintaindifferentiatedcompetitiveadvantages MaintainBUY;RaiseTPtoHKD5.55 Latestcompanyupdates 1)Assetsquality:Totalpostponedprincipalandinterestrepaymentarrangementwas~RMB80bnandaccountedfor~1.5%ofPSBC’stotalloans,ofwhich,~1.3%wasthetransportationloansandtheriskswerealleviatedaftertheoutbreakofCOVID-19.Another~0.16%wasinclusiveSMEsloans(~RMB14bn),whichweregrantedwithstrictrequirementsandtherisksarecontrollableevenundertheworstscenario(assu