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交银国际:维持工行(1398.HK)“中性”评级及目标价6.5港元
格隆汇 08-30 15:08

交银国际发表最新研报表示,工商银行(1398.HK)上半年净利润同比增长4.7%,略高于首季的4.1%;拨备和税率的增加被强劲的非利息收入增长和较低的成本收入比所抵消。拨备前收入在上半年同比增10%,归功于良好的手续费收入增长(同比12%)和成本控制,抵消了净息差收缩的影响。不良率在二季度环比下降4个基点,而拨备覆盖率和拨贷比在审慎拨备下环比上升。

该机构维持工行H股中性及目标价6.5港元,认为宽松的市场流动性和贷款市场报价利率改革将在下半年降低资产收益率,并且由于同业竞争,存款成本不会下降,这可能导致工行的净息差收缩持续。同时,工行贷款损失准备金也可能限制其潜在信贷成本的削减,对其中长期资产质量有更多担忧。

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