一表了解券商对中银香港(02388.HK)於业绩後最新目标价及观点
中银香港(02388.HK)今早股价偏软，最新报25.9元下滑2.1%。中银上周五收市後公布截至今年6月底止中期业绩，录纯利172.54亿元按年跌1.7%；低过本网早前综合2间券商纯利预测介乎176.01亿元至181.19亿元，每股盈利1.6319元。维持派中期息0.545元。
期内中银总经营收入406.06亿元，按年升19.97%。净利息收入为199.03亿元，按年升7.36%。若计入外汇掉期合约的资金收入或成本，净利息收入按年上升12.2%，主要由净息差扩阔及平均生息资产增长带动。而净息差为1.59%，按年升5个基点。不良贷款比率为1.27%，较2018年末升0.14个百分点。
【业绩略逊色 忧盈利放缓】
中金发表报告表示，中银上半年纯利下滑1.7%至173亿元，低於市场预期4%，主要是对保险业务采取较保守的会计处理，指期内收入稳定增长，受净息差及手续费复苏所推动。该行指在考虑宏观经济放缓和本地经济的情况，下调中银香港2019年、2020年盈利预测4.8%、7.4%，各至336亿元及364亿元，目标价下调22%至39港元，此相当预测明年市盈率1.2倍，维持其「跑赢大市」投资评级以反映该行资产质量故能维持高股息。
摩根士丹利指出，中银上半年拨备前营业利润低於该行预期4%，由於香港经济前景存在不确定性，下调中银目标价由33元降至29元，以反映预期盈利放缓及股本成本上升。
本网最新综合7间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
汇丰环球研究│买入│39.8元
中金│跑赢大市│50-39元
摩通大通│增持│37.8元
高盛│中性│34.7-35.9元
摩根士丹利│与大市同步│33-29元花旗│中性│29元
海通国际│中性│31.15-28元券商│观点
汇丰环球研究│次季手续费收入受压，贷款质量稳健
中金│市场份额稳增，资产质量保持强劲
摩通大通│资产质量稳定，强劲资本状况能维持派息
高盛│香港银行同业拆息按月上升，关注净息差改善情况
摩根士丹利│拨备前利润逊预期，经济疲软令收入难以维持
花旗│上半年税後利润符预期，忧虑净利息收入恶化
海通国际│股本回报率料长期降至11.75%，下调目标价
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