一表了解券商對交行(03328.HK)業績後最新目標價及觀點
交通銀行(03328.HK)今早股價靠穩，昨日(27日)收市後公布今年中期業績，純利按年增長4.9%至427.49億元人民幣(下同)，每股盈利54分。稅前利潤按年增長3.1%至489.59億元。年化平均股東權益報酬率12.79%，低於去年同期之12.99%。
期內利息淨收入按年增長15.5%至700.62億元，客戶貸款總額按年增長5.7%至5.13萬億元。手續費及佣金淨收入按年增長9.2%。淨利息收益率1.58%，較去年同期提升17個點子。截至6月底止核心一級資本充足率10.86%，低於去年12月底止的11.16%。不良貸款餘額755.08億元，高於去年12月底止的725.12億元。不良貸款率1.47%，低於去年12月底止的1.49%。撥備覆蓋率173.53%，去年12月底止為173.13%。
【股東權益報酬率下降】
花旗認為，交行正面因素包括今年第二季季費用收入按年升7%，快於收入增長。此外，上半年需要關注貸款及逾期逾3月比率，分別較去年下半年減少13個及3個基點，不良貨款與逾期逾3個月貸款比率較去下半年改善1.2個百分點，反映收緊確認不良貸款。但負面因素為其次季存款及貸款按季僅增長0.5%及1.5%，淨息差更因存款成本增加按季減少3個基點。該行料市場對交通銀行業績反映負面，目前給予「買入」評級及7.35港元目標價。
摩根士丹利指出，交行中期純利稍勝市場預期。該行目前假設交通銀行在溫和經濟增長下順暢消化風險貸款，預期交通銀行淨息率展望大致穩定，非利息收入貢獻增加，資產增長在基建投資及貸款增長穩定下溫和加速、信貸成本穩定等。該行目前給予交通銀行「與大市同步」評級，目標價6.4港元。
本網最新綜合7間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
花旗│買入│7.35元
瑞銀│中性│7.1元
匯豐環球研究│買入│7元
高盛│沽售│6.9元
華泰金控│持有│6.82元
摩根大通│中性│6.6元
摩根士丹利│與大市同步│6.4元券商│觀點
花旗│淨息差及存款增長疲弱，資產質素成亮點
瑞銀│次季盈利增長穩定，收入動力減弱
匯豐環球研究│盈利穩定，資產質素趨勢好壞參半
高盛│業績符預期，清理風險對盈利增長構成壓力
華泰金控│業績符預期，但核心盈利疲弱
摩根大通│收入增長減速符預期
摩根士丹利│次季業績疲軟，積極處置不良貨款
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