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一文了解券商於建行(00939.HK)公布季績後最新觀點、評級及目標價
阿思達克 10-30 11:47
建設銀行(00939.HK)今早股價偏淡,野村指其上季業績大致符合預期,資產質素穩定。建行昨(29日)收市後公布今年首三季度業績,經營收入5,359.54億人民幣按年增加4.8%。錄得純利2,058.32億人民幣倒退8.7%,主要是由於減值損失大幅增加;每股收益82分。首三季度利息淨收入4,047.87億人民幣增加6.7%;淨利差1.99%,淨利息收益率2.13%,分別下降0.13及0.14個百分點,主要受利率市場化穩步推進、市場利率低於去年同期和存款競爭激烈等因素影響。手續費及佣金淨收入1,135.07億人民幣,增加4.2%。減值損失1,617.63億人民幣增幅46.8%。其中,信用減值損失1,613.15億人民幣,受疫情及貸款規模增加等因素影響,增加46.7%。

建行今年第三季經營收入1,760.3億人民幣增加5.3%。錄得純利682.06億人民幣倒退4.1%,每股收益27分。

【季績符預期 資產質素穩】

美銀證券指,建行今年首九個月純利按年跌8.7%,但較今年上半年跌10.7%已有所改善,指其核心盈利按年升5.9%(對比今年上半年按年升4.5%),首三季股本回報率跌2.4個百分點至12.8%,重申對其「買入」評級及目標價6.9港元,指其增長保守,但資產資產表強勁及估值並不昂貴。

花旗表示,建行首三季業績鞏固,指淨息差及手續費收入增長穩定,相信股價會反應正面,因純利按年跌幅收窄,維持「買入」評級及目標價7.58港元。而野村指,建行上季業績大致符預期,但見其淨利能力有惡化,上季淨息差收窄至2.13%,但資產質素見穩定,相信其今年下半年不良率將可見頂,料明年二季盈利可望復蘇。

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本網最新綜合7間券商其投資評級及目標價:

券商│投資評級│目標價

匯豐環球研究│買入│8.1元

花旗│買入│7.58元

摩根大通│增持│7.4元

摩根士丹利│增持│7.3元

野村│買入│6.91元

美銀證券│買入│6.9元

瑞銀│買入│6.7元

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券商│觀點

匯豐環球研究│淨利息差擴闊,資產質量隱憂或持續

花旗│淨利息收益及手續費及佣金淨收入穩定

摩根大通│淨利息收益勝預期,但手續費及佣金淨收入令人失望

摩根士丹利│第三季核心運營改善 利潤跌幅收窄

野村│預計貸款增長逐步穩定,惟撥備增加下盈利仍存壓力

美銀證券│第三季盈利增長有所改善

瑞銀│第三季利潤下降,收入增長強勁

(ta/w)

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