野村:降工行(1398.HK)目標至6.63港元 淨息差資產質素將受壓
野村發表研究報告指,中國工商銀行(1398.HK)去年純利按年升4.9%,大致符合野村的預期,但估計2020年淨息差及資產質素將面臨挑戰,下調工行今年淨息差預測6個基點至2.13%,料全年淨息差將收窄11個基點,H股目標價由7.16港元降至6.63港元,維持“買入”投資評級。
野村估計,一年期貸款市場報價利率今年可能下調25至30個基點,但認為基準存款利率下降,或可抵消有關影響。野村估計,隨著新型肺炎及中國經濟增長放緩,將為工行的資產質素增添壓力,上調工行今年不良貸款率預測至1.53%。

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.