大和:降建行(0939.HK)今明年每股盈利預測2% 重申“買入”評級
大和發表研究報告指,建設銀行(0939.HK)去年的撥備前利潤及純利,分別按年升6.7%及4.8%,均符合該行預期。去年淨息差2.26%,按年下跌5個基點,主要由於存款成本上升。根據估計,去年第四季淨息差收縮4個基點至2.23%,部分原因是由於其同業拆借資金的增加。管理層預計,今年淨息差將再按年下跌10個基點。
該行將建行2020年至2021年的每股盈利預測降低2%,以反映出新型冠狀病毒肺炎疫情的影響,主要風險有零售貸款需求較預期弱。維持建行目標價7.8港元,並重申“買入”評級。

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