招商证券(香港)：邮储银行（01658）港股公司研究报告-2019resultsmetexpectations

邮储银行(01658) Profitsareinlinewithexpectation,butNIMshrankin2019 Loanqualitymightbeunderpressureintheshort-term MaintainNEUTRAL;TPcutslightlytoHKD5.23 2019resultsinlinewithourexpectationPSBC’s2019resultsareinlinewithourexpectation.1)PPOPincreasedby9.4%yoy,andordinaryshareholders’netprofitroseby17.1%yoyin2019,inlinewithourexpectationof~16%.ROAandordinaryshareholders’ROEwere0.62%and13.1%,respectively.2)Drivenbythefastgrowthofpersonalloans,averageloanbalancegrewby16.7%yoy,whichoutpacedthegrowthofaver