野村:建行(0939.HK)季绩略胜预期 重申买入评级
野村发表研究报告指出,中国建设银行(0939.HK)首季纯利按年上升5.1%,略胜野村预期,整体业绩稳定,维持H股买入评级及目标价7.96港元。
报告指出,建行首季业绩主要由资产强劲增长带动,年化后的股本回报率为15.1%,低于去年同期的15.9%。净息差由去年同期的2.29%及2019全年的2.26%收窄至今年首季的2.19%,主要因为贷款定价问题,总资产按季上升6.6%,主要受惠于新冠疫症爆发后中央政府的刺激性措施。今年3月底不良贷款率为1.42%,表现持平。
野村估计,随着贷款市场报价利率的进一步下调,今年建行净息差将持续受压,第二季亦将面临资产质素压力。

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