大和:降建行(0939.HK)今明年每股盈利预测2% 重申“买入”评级
大和发表研究报告指,建设银行(0939.HK)去年的拨备前利润及纯利,分别按年升6.7%及4.8%,均符合该行预期。去年净息差2.26%,按年下跌5个基点,主要由于存款成本上升。根据估计,去年第四季净息差收缩4个基点至2.23%,部分原因是由于其同业拆借资金的增加。管理层预计,今年净息差将再按年下跌10个基点。
该行将建行2020年至2021年的每股盈利预测降低2%,以反映出新型冠状病毒肺炎疫情的影响,主要风险有零售贷款需求较预期弱。维持建行目标价7.8港元,并重申“买入”评级。

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