大和:对工行(1398.HK)贷款存款定价能力感乐观 削目标价至7港元
大和发表研究报告指,工商银行(1398.HK)去年净利润按年增长5%,较预期低0.4个百分点,主要由于拨备前利润在第四季零增长。该行将工行目标价下调2.78%,由原来的7.2港元降至7港元,评级维持“买入”。
大和表示,对工行在贷款及存款方面的强劲定价能力仍然持乐观态度,并相信工行将继续提供更具针对性的利率管理策略,以保持优于同业的淨息差。
该行又指,工行管理层认为,新型冠状病毒肺炎疫情对近期资产质量的影响,主要集中于零售贷款,并估计下半年对公司贷款的影响会有滞后。不过大和强调,工行的资产质量及不良贷款的消化能力去年有显著改善,预料今、明两年的信贷成本将保持稳定。

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