一表了解券商对交行(03328.HK)业绩後最新目标价及观点
交通银行(03328.HK)今早股价靠稳，昨日(27日)收市後公布今年中期业绩，纯利按年增长4.9%至427.49亿元人民币(下同)，每股盈利54分。税前利润按年增长3.1%至489.59亿元。年化平均股东权益报酬率12.79%，低於去年同期之12.99%。
期内利息净收入按年增长15.5%至700.62亿元，客户贷款总额按年增长5.7%至5.13万亿元。手续费及佣金净收入按年增长9.2%。净利息收益率1.58%，较去年同期提升17个点子。截至6月底止核心一级资本充足率10.86%，低於去年12月底止的11.16%。不良贷款余额755.08亿元，高於去年12月底止的725.12亿元。不良贷款率1.47%，低於去年12月底止的1.49%。拨备覆盖率173.53%，去年12月底止为173.13%。
【股东权益报酬率下降】
花旗认为，交行正面因素包括今年第二季季费用收入按年升7%，快於收入增长。此外，上半年需要关注贷款及逾期逾3月比率，分别较去年下半年减少13个及3个基点，不良货款与逾期逾3个月贷款比率较去下半年改善1.2个百分点，反映收紧确认不良贷款。但负面因素为其次季存款及贷款按季仅增长0.5%及1.5%，净息差更因存款成本增加按季减少3个基点。该行料市场对交通银行业绩反映负面，目前给予「买入」评级及7.35港元目标价。
摩根士丹利指出，交行中期纯利稍胜市场预期。该行目前假设交通银行在温和经济增长下顺畅消化风险贷款，预期交通银行净息率展望大致稳定，非利息收入贡献增加，资产增长在基建投资及贷款增长稳定下温和加速、信贷成本稳定等。该行目前给予交通银行「与大市同步」评级，目标价6.4港元。
本网最新综合7间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
花旗│买入│7.35元
瑞银│中性│7.1元
汇丰环球研究│买入│7元
高盛│沽售│6.9元
华泰金控│持有│6.82元
摩根大通│中性│6.6元
摩根士丹利│与大市同步│6.4元券商│观点
花旗│净息差及存款增长疲弱，资产质素成亮点
瑞银│次季盈利增长稳定，收入动力减弱
汇丰环球研究│盈利稳定，资产质素趋势好坏参半
高盛│业绩符预期，清理风险对盈利增长构成压力
华泰金控│业绩符预期，但核心盈利疲弱
摩根大通│收入增长减速符预期
摩根士丹利│次季业绩疲软，积极处置不良货款
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