野村升建行及招行目标价指面临宏观挑战下看好大型内银
野村发表报告表示,按其所覆盖的内银股,估计其今年上半年盈利增长稳定,对比工行(01398.HK)、建行(00939.HK)及农行(01288.HK)今年首季升4至4.5%。该行估计,工行上半年可多赚4%、建行及农行纯利可按年各上升4.2%及4.3%,同时估计招行(03968.HK)可按年多赚11.1%。

该行料,内银股今年贷款可保持稳定增长,估计工行、建行、农行及招行贷款增长预测各为8.5%、7.5%、12%及10%。野村亦估计,内银净息差会受压,因存款面临竞争而贷款需求走弱,但仍会处于可控范围。该行指,内银股目前估值相当预测市账率0.6倍,加上平均股息回报高达5.2%,属吸引水平。
野村上调对招行(03968.HK)目标价6%至46.32港元,因降其折现率至11%;同时上调对建行(00939.HK)目标价12%至8.74港元,因调高对其长期股本回报率预测至11%。
基於宏观经济存在风险,推荐大型、资本水平强劲及分行网络稳固的内银,首选招行、建行及农行,均予“买入”投资评级,。
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