野村:料疫情等將令建行(0939.HK)資產質量受壓 降目標價至7.96港元
野村發表研究報告指,建設銀行(0939.HK)去年業績基本符合該行預期,但為反映人民幣貶值,及市場風險溢價增加,該行將建行H股目標價由原來的8.77港元降至7.96港元,評級維持“買入”。
野村將淨息差預測下調3個基點至2.17%,意味今年建行淨息差將按年收縮9個基點。該行認為,今年的1年期貸款市場報價利率(LPR)可能會下調25至30個基點,而較低的LPR的影響或會被潛在的基準存款利率下調所抵銷。該行又估計,如果同時降低定期存息及活期存款,基準存款利率每下降10個基點,建行的淨息差就提高約6.5個基點。
該行又將建行今年的不良貸款率上調至1.51%,認為新型冠狀病毒肺炎疫情及疫弱的經濟增長前景,將為建行的資產質量帶來壓力。

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