《大行報告》大和下調建行(00939.HK)目標價至8元 指次季淨息差低預期
大和表示,建行(00939.HK)中期業績表現屬綜合性(好壞參半),指建行今年上半年淨息差低於該行原預期2.27%,按年收窄7個基點(按季收窄9個基點),相信淨息差受壓是因行業在存款競爭激烈,主要是定期存款成本上升較原預期為高。
該行指,建行資產質素穩定,上半年不良貸款比率按半年下跌3個基點,並加強了成本管理,其今年上半年成本收入比率按年微跌0.2個百分點至21.9%。而大和重申對建行「買入」投資評級,同時將目標價由8.4元降至8元。
大和稱,下調對建行於2019年至2021年純利預測各3.1%、4.1%及6.1%。
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