一文了解券商於建行(00939.HK)公布中期业绩後最新观点及目标价
建设银行(00939.HK)今日午後股价靠稳，建行早前公布中期业绩，纯利按年倒退10.7%至1,376.26亿元人民币低於预期，每股盈利0.55元人民币，不派中期息。期内利息净收入按年增长6.4%至2,664.93亿元人民币，净利息收益率2.14%，按年收窄13点子。手续费及佣金净收入按年增长4.3%至800.21亿元人民币。信用减值损失1,113.78亿元人民币，较去年同期的746.38亿元增加。
建行截至6月底止核心一级资本充足率13.15%，低於去年底的13.88%。不良贷款率1.49%，较去年底之1.42%提升。不良贷款额2,455.16亿人民币，多於去年底的2,124.73亿人民币。
建行首席风险官靳彦民表示，相信未来不良贷款率仍将继续释放，不过幅度不会如上半年激烈，料将维持至明年上半年。他预计不良贷款率及余额将会保持平稳或小幅上升，对盈利表现将有影响，相信在该行可承受的范围内。
【业绩逊预期 料未来承压】
大和表示，建行上半年纯利按年跌10.7%(第二季跌26.5%)，主要受信贷减值损上升所拖累，但与行业趋势一致，相信建行可藉强劲的执行力，令收入增长持续，重申对其「买入」投资评级，下调对其目标价由8元降至7.6元，相当预测市账率0.7倍(此前予0.8倍估值)，并降其2020年至2022年每股盈利预测4%至12%，以反映疫情对信贷拨备的影响。
野村指，建行中期业绩一如预期走弱，上半年纯利倒退10.7%，并相信下半年纯利压力将持续，因料内银在下半年需就实体经济进行更多拨备，下调对其目标价5%，由原来7.25元降至6.91元，同时调低对建行2020年至2022年纯利预测7%，即按年各跌9%、升5%及升5%。
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本网综合9间券商予其最新评级及目标价：
券商│投资评级│目标价(港元)
中金│跑赢行业│9.6元
瑞信│跑赢大市│8.2元
摩根大通│增持│7.9元
花旗│买入│7.68元
大和│买入│8->7.6元
中银国际│买入│7.36元
野村│买入│7.25->6.91元
美银证券│买入│6.92->6.9元
海通国际│中性│6.2元
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券商│观点
中金│下调2020至2021年净利润预测均增12%
瑞信│上半年应占利按年跌10.7%符预期
摩根大通│手续费用增长仍然乏力
花旗│高信贷成本拖累二季度业绩
大和│资产质量保持稳定，不良贷款压力降低
中银国际│拨备前营业利润符预期手，资产质量稳定
野村│上半年业绩疲软为预期之内，下调目标价5%
美银证券│核心收益稳固，资产负债表强劲
海通国际│关注存款成本下降
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