一文综合券商於工行(01398.HK)公布业绩後最新目标价及观点
工商银行(01398.HK)今早股价偏好，工行上周五(27日)收市後公布去年业绩，纯利按年升4.9%至3,122.24亿元人民币，接近本网早前综合12间券商预测中位数3,124.58亿元人民币，每股盈利0.86元人民币，每股派息0.2628元人民币，高於本网早前综合8间券商预测中位数0.261元人民币。
工行去年利息净收入按年增长6%至6,069.26亿元人民币，净利息收益率2.24%，较2018年的2.3%收窄。手续费及佣金净收入按年增长7.1%至1,556亿元人民币。营业收入按年增长7%至7,760.02亿元人民币，营业费用按年增长7%至2,077.76亿元人民币。成本收入比25.79%，稍高於2018年的25.71%。资产减值损失按年增加10.7%，不良贷款率1.43%，较2018年的1.52%改善。不良贷款余额按年增加2.2%，拨备覆盖率199.32%。工行去年底止核心一级资本充足率13.2%，高於2018年12.98%。
【大摩：资产质素改善助应对疫情】
摩根士丹利认为，工行去年第四季业绩稳定，纵使今年面对净息差压力，但工行管理层见到信贷需求恢复及预期今年信贷录增长增长，不良贷款压力可控。大摩称视行为全球不稳定环境下的稳定投资选择，给予该股「增持」评级，目标价7.9港元。该行又指，工行去年第四季减少高成本的定期存款，存款组合改善有助控制融资成本。资产质素表现改善及亦有助工商银行应对新型冠状病毒疫情带来的经济动荡。
【摩通关注费用收入及存款增长】
摩根大通认为，工行去年业绩大致符合预期及好坏参半。该行指工行资产质素及拨备比率有所改善，资本状况强劲亦有助支持今年业绩增长，但净息差於去年第四季按季收缩2个点子，预期净息差压力於今年持续，且去年费用收入亦稍逊该行预期，存款增长於去季亦按季收缩2%，较同业中行(03988.HK)还要差。该行给予工行「中性」评级，目标价为5.9港元。
本网最新综合12间券商对其投资评级及目标价，3间券商下调目标价，9间给予「买入」、「增持」、「跑赢大市」或「跑赢行业」评级。
券商│投资评级│目标价(港元)
摩根士丹利│增持│7.9元
中金│跑赢行业│7.9元
招银国际│买入│7.5元
汇丰环球研究│买入│7.3元
花旗│买入│7.16元
高盛│买入│6.91元
瑞银│买入│6.8元
野村│买入│7.16元->6.63元
建银国际│跑赢大市│6.6元->6.4元
摩根大通│中性│5.9元
美银证券│中性│6.16元->5.5元
麦格理│中性│5元
券商│观点
摩根士丹利│预期今年业绩稳定，纵使净息差受压
中金│强劲资本、科技及客户有助今年稳健发展
招银国际│展望稳定，信贷风险可控
汇丰环球研究│业绩符预期，管理层对净息差展望审慎
花旗│去年第四季表现疲弱，税後利润受信贷成本下降推动
高盛│业绩展望稳定
瑞银│去年业绩受拨备减少支持，收入及拨备前经营溢利动力减弱
野村│净息差及资产质素压力为未来挑战
建银国际│强劲资产负债表有助应对疫情，估值吸引
摩根大通│业绩大致符预期，业绩忧喜参半
美银证券│业绩稳固，但偏好更高股息同业
麦格理│业务面临挑战
(fc/w)
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