一表综合券商对建行(00939.HK)评级、目标价及观点(表)
建设银行(00939.HK)今日早市股价靠稳,券商指受惠净息差及手续费收入增长,但总体增长未算令人惊喜。建行昨日(30日)收市後公布9月止首三季度业绩,录得纯利按年增长5.3%至2,253.44亿人民币,每股收益90分人民币。期内经营收入增加6.8%至5,115.33亿元人民币。其中利息净收入增加3.8%至3,795.22亿元人民币,净利差2.12%,净利息收益率2.27%,分别下降0.09及0.07个百分点,与上半年持平。手续费及佣金净收入增加12.9%至1,089.68亿元人民币,经营费用增加77.49亿元人民币至1,233.78亿元人民币,成本收入比上升0.04个百分点至23.24%。
【首三季费用收入增近13%】
建行第三季纯利增长6.1%至711.54亿元人民币,每股收益28分人民币。季内经营收入增加6.9%至1,671.46亿元人民币,9月止不良贷款2,113.99亿元人民币,较年初增加105.18亿元人民币;不良贷款率1.43%,下降0.03个百分点。拨备覆盖率218.28%,上升9.91个百分点。资本充足率17.30%,一级资本充足率14.50%,核心一级资本充足率13.96%。
花旗指出,建行收入及税後溢利增长或许不令人振奋,但见到背後趋势稳固,净息差及费用收入增长趋势均胜同业,纵使不良贷款形成率增加,但基於建行超额拨备及严格的坏帐识别,在任何系统性资产质素进一步恶化趋势中能提供良好缓冲。该行予建行「买入」评级,目标价8.29港元。
【野村料建行第四季盈利指标受压】
野村预期,建行今年第四季经营仍大致维持稳定,纯利增长将为单位数。同时认为盈利能力指标,包括总资产回报率、净资产收益率及净息差将面临压力,基於贷款市场报价利率机制进一步实施,及持续性存款竞争,资产质素则持续改善。该行给予建行目标价7.87港元,评级「买入」。
本网最新综合9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│8.8元
摩根士丹利│增持│8.4元
瑞银│买入│8.3元
花旗│买入│8.29元大和│买入│8元
野村│买入│7.87元
里昂│买入│7.76元
摩根大通│增持│7.7元
海通国际│买入│7.1元-7.65元券商│观点
汇丰环球研究│季绩平稳,净息差略改善
摩根士丹利│费用收入增长强劲,贷款及资产增长仍合理
瑞银│季绩稳固,净息差受惠有利存款组合而扩阔
花旗│季绩稳固,净息差及费用收入增长胜预期
大和│盈利增长稳固,净息差坚韧
野村│季度整体营运平稳
里昂│四大行之中季绩表现最佳
摩根大通│净息差稳定,费用收入增长加速
海通国际│季度业绩改善
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