一表綜合大行對中行(03988.HK)於業績後最新目標價及觀點
中國銀行(03988.HK)今早股價偏淡，最新報2.97元走低0.7%。中行上周五(30日)收市後公布中期業績。純利按年升4.6%至1,140.48億元人民幣(下同)，高於本網綜合5間券商預測介乎1,127億至1,137.79億元的上限。每股盈利38分，不派中期息。
期內營業收入按年升10%至2,766.88億元，淨利息收入按年升5.4%至1,816.84億元，低於本網綜合4間券商預測中位數1,843.37億元。淨息差按年收窄5點子至1.83厘；手續費及佣金收支淨額按年升4.9%至505.64億元，成本收入比按年減1.15個百分點至24.63%。期內資產減值損失按年增加19.1%至336.7億元，信貸成本按年增加2點子至0.59%，不良貸款率較去年底改善2點子至1.4%，不良貸款撥備覆蓋率較去年底減少4.45個百分點至177.52%。
【收入雙位數增長不良貸款率改善】
匯豐環球研究認為，中行中期業績對股價影響中性，費用及其他收入顯著上升，超出該行預期，一級資本充足率透過發行優先股顯著改善及淨息差按季溫和改善，不良貸款涵蓋率及流動性覆蓋率則下跌，成本增長亦溫和超出收入增長。該行維持對中行H股的「買入」評級，目標價維持4.7港元。
中金指，中行營收增速在大行中最高，息差趨勢亦略好於同業。該行認為，中行與其他大行在資產回報率、存款及資本質素方面的差距已逐漸縮小，考慮其較低估值，較高外幣資產比重有望帶來更大匯兌收益，和較少受人民幣業務息差下行影響，認為中行有較好投資價值。該行予中行H股「跑贏行業」評級，目標價4.68港元。
大和亦認為，中行目前股息率高達7.4%，高於其他國營銀行的4.9%至6.7%。該行予中行H股「跑贏大市」評級，目標價3.9港元。
本網最新綜合8間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
匯豐環球研究│買入│4.7元
中金│跑贏行業│4.68元
花旗│買入│4.45元
高盛│中性│4.4元
美銀美林│中性│4.15元
大和│跑贏大市│3.9元
摩根大通│增持│3.9元
麥格理│跑贏大市│3.9元券商│觀點
匯豐環球研究│資本狀況強化
中金公司│中期業績平穩，低估值和外幣資產結構隱含投資價值
花旗│業績穩固，淨息差及資產質素趨勢良好
高盛│次季淨息差擴闊勝預期，撥備減少純利增長穩定
美銀美林│核心盈利增長穩固
大和│淨息差按季上升，非利息收入貢獻上升
摩根大通│收入雙位數增長及淨息差擴闊勝預期
麥格理│次季業績略遜預期，料下半年將放緩
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
