一文了解券商於建行(00939.HK)公布中期業績後最新觀點及目標價
建設銀行(00939.HK)今日午後股價靠穩，建行早前公布中期業績，純利按年倒退10.7%至1,376.26億元人民幣低於預期，每股盈利0.55元人民幣，不派中期息。期內利息淨收入按年增長6.4%至2,664.93億元人民幣，淨利息收益率2.14%，按年收窄13點子。手續費及佣金淨收入按年增長4.3%至800.21億元人民幣。信用減值損失1,113.78億元人民幣，較去年同期的746.38億元增加。
建行截至6月底止核心一級資本充足率13.15%，低於去年底的13.88%。不良貸款率1.49%，較去年底之1.42%提升。不良貸款額2,455.16億人民幣，多於去年底的2,124.73億人民幣。
建行首席風險官靳彥民表示，相信未來不良貸款率仍將繼續釋放，不過幅度不會如上半年激烈，料將維持至明年上半年。他預計不良貸款率及餘額將會保持平穩或小幅上升，對盈利表現將有影響，相信在該行可承受的範圍內。
【業績遜預期 料未來承壓】
大和表示，建行上半年純利按年跌10.7%(第二季跌26.5%)，主要受信貸減值損上升所拖累，但與行業趨勢一致，相信建行可藉強勁的執行力，令收入增長持續，重申對其「買入」投資評級，下調對其目標價由8元降至7.6元，相當預測市賬率0.7倍(此前予0.8倍估值)，並降其2020年至2022年每股盈利預測4%至12%，以反映疫情對信貸撥備的影響。
野村指，建行中期業績一如預期走弱，上半年純利倒退10.7%，並相信下半年純利壓力將持續，因料內銀在下半年需就實體經濟進行更多撥備，下調對其目標價5%，由原來7.25元降至6.91元，同時調低對建行2020年至2022年純利預測7%，即按年各跌9%、升5%及升5%。
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本網綜合9間券商予其最新評級及目標價：
券商│投資評級│目標價(港元)
中金│跑贏行業│9.6元
瑞信│跑贏大市│8.2元
摩根大通│增持│7.9元
花旗│買入│7.68元
大和│買入│8->7.6元
中銀國際│買入│7.36元
野村│買入│7.25->6.91元
美銀證券│買入│6.92->6.9元
海通國際│中性│6.2元
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券商│觀點
中金│下調2020至2021年淨利潤預測均增12%
瑞信│上半年應佔利按年跌10.7%符預期
摩根大通│手續費用增長仍然乏力
花旗│高信貸成本拖累二季度業績
大和│資產質量保持穩定，不良貸款壓力降低
中銀國際│撥備前營業利潤符預期手，資產質量穩定
野村│上半年業績疲軟為預期之內，下調目標價5%
美銀證券│核心收益穩固，資產負債表強勁
海通國際│關注存款成本下降
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