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野村:工行(1398.HK)淨息差收窄符預期 維持買入評級
格隆匯 04-29 17:31

野村發表研究報告指出,中國工商銀行(1398.HK)首季純利按年增加3%,大致符合預期,淨息差亦一如預期般收窄,資產質素保持穩定,維持工行H股買入評級及目標價為6.63港元。

野村報告指出,工行首季盈利主要由資產強勁增長帶動,年化後的股本回報率為13.44%,低於去年同期的14.35%。淨息差由去年同期的2.31%及2019全年的2.24%,收窄至今年首季的2.2%,主要因為貸款定價下跌。

野村指,工行首季總資產按季上升6.6%,主要受惠於新冠疫症爆發後中央政府的刺激性措施。截至今年3月底,工行不良貸款率為1.43%,表現持平。

野村預期,工行淨息差會持續受壓,因為估計LPR將進一步下調,以及現有貸款將按LPR定價機制計息。同時隨着新冠肺炎全球大流行,野村估計,工行自第二季起的資產質素亦將受壓。

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