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大和:重申建行(0939.HK)“买入”评级 目标价降至8港元
格隆汇 08-29 12:09

大和发表研究报告表示,建行(0939.HK)上半年盈利按年增长4.9%,受到非利息收入增长及成本效益所支持,但信贷成本则上升,期内净息差较去年底收窄7个点至2.27%,低于该行预期,显示次季净息差按季跌9点至2.2%,该行认为建行净息差受压,惟资产质量仍保持稳定,重申建行“买入评级,惟目标价则由8.4港元降至8港元。

大和认为,虽然信用卡及私人消费贷款的不良贷款比率上升,但建行在零售贷款的佔比有限,只占本地整体贷款的6%,而该行不良贷款比率仍低于同业水平,另外其WMP业务亦顺利过渡。另外,该行将建行2019至2021年每股盈利预测调低3-6%,以反映净息差收窄及拨备损失上升。

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