野村:工行(1398.HK)净息差收窄不良贷款改善 维持“买入”评级
野村发表研究报告指出,工商银行(01398.HK)中期业绩大致符合预期,净息差由今年首季的2.31%收窄至次季的2.29%,不良贷款比率由去年度的1.52%改善至今年上半年的1.48%,认为其盈利能力稳定,而资产质素好转,维持“买入”评级和目标价7.21港元不变。

野林估计,工行2019年度的纯利将维持低单位数增长,同时盈利能力指标如股本回报率及淨息差将面临压力,主要因为工行作为内地最大国有银行,需要继续按中央要求透过增加中小企贷款来支持内地实质经济发展,以存款竞争加剧下,工行的资金成本将会承压,但有关影响依然可控,相信工行将坚持控制金融风险。
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