野村:建行(0939.HK)季績略勝預期 重申買入評級
野村發表研究報告指出,中國建設銀行(0939.HK)首季純利按年上升5.1%,略勝野村預期,整體業績穩定,維持H股買入評級及目標價7.96港元。
報告指出,建行首季業績主要由資產強勁增長帶動,年化後的股本回報率為15.1%,低於去年同期的15.9%。淨息差由去年同期的2.29%及2019全年的2.26%收窄至今年首季的2.19%,主要因為貸款定價問題,總資產按季上升6.6%,主要受惠於新冠疫症爆發後中央政府的刺激性措施。今年3月底不良貸款率為1.42%,表現持平。
野村估計,隨着貸款市場報價利率的進一步下調,今年建行淨息差將持續受壓,第二季亦將面臨資產質素壓力。

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