招商证券(香港)：邮储银行（01658）港股公司研究报告-Shareholders’Netprofitsgrewby13.48%yoyinQ3;Upgradeto“BUY”

邮储银行(01658) Q3’sECLdecreasedyoyandNetprofitsincreasedyoy Assetqualityislikelytoremainstable Upgradeto“BUY”;RaiseTPtoHKD4.45 PositivenetprofitgrowthinQ3onsmallercreditlosses 1)PPOPvirtuallyunchangedyoyandshareholders’NPslippedby2.66%yoyin3Q20.InQ3alone,shareholders’NPgrewby13.48%yoy,betterthanexpected,largelyduetosmallercreditimpairmentlossesinQ3/20.AnnualizedROAandshareholders’ROEwere0.77%and15.8%in3Q20,respectively.2)Totalloanbalancegrewby13.63%YTD,whichoutpacedthegrowthofdeposits(7.43%YTD),ind