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一文了解券商於建行(00939.HK)公布季绩後最新观点、评级及目标价
阿思达克 10-30 11:47
建设银行(00939.HK)今早股价偏淡,野村指其上季业绩大致符合预期,资产质素稳定。建行昨(29日)收市後公布今年首三季度业绩,经营收入5,359.54亿人民币按年增加4.8%。录得纯利2,058.32亿人民币倒退8.7%,主要是由於减值损失大幅增加;每股收益82分。首三季度利息净收入4,047.87亿人民币增加6.7%;净利差1.99%,净利息收益率2.13%,分别下降0.13及0.14个百分点,主要受利率市场化稳步推进、市场利率低於去年同期和存款竞争激烈等因素影响。手续费及佣金净收入1,135.07亿人民币,增加4.2%。减值损失1,617.63亿人民币增幅46.8%。其中,信用减值损失1,613.15亿人民币,受疫情及贷款规模增加等因素影响,增加46.7%。

建行今年第三季经营收入1,760.3亿人民币增加5.3%。录得纯利682.06亿人民币倒退4.1%,每股收益27分。

【季绩符预期 资产质素稳】

美银证券指,建行今年首九个月纯利按年跌8.7%,但较今年上半年跌10.7%已有所改善,指其核心盈利按年升5.9%(对比今年上半年按年升4.5%),首三季股本回报率跌2.4个百分点至12.8%,重申对其「买入」评级及目标价6.9港元,指其增长保守,但资产资产表强劲及估值并不昂贵。

花旗表示,建行首三季业绩巩固,指净息差及手续费收入增长稳定,相信股价会反应正面,因纯利按年跌幅收窄,维持「买入」评级及目标价7.58港元。而野村指,建行上季业绩大致符预期,但见其净利能力有恶化,上季净息差收窄至2.13%,但资产质素见稳定,相信其今年下半年不良率将可见顶,料明年二季盈利可望复苏。

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本网最新综合7间券商其投资评级及目标价:

券商│投资评级│目标价

汇丰环球研究│买入│8.1元

花旗│买入│7.58元

摩根大通│增持│7.4元

摩根士丹利│增持│7.3元

野村│买入│6.91元

美银证券│买入│6.9元

瑞银│买入│6.7元

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券商│观点

汇丰环球研究│净利息差扩阔,资产质量隐忧或持续

花旗│净利息收益及手续费及佣金净收入稳定

摩根大通│净利息收益胜预期,但手续费及佣金净收入令人失望

摩根士丹利│第三季核心运营改善 利润跌幅收窄

野村│预计贷款增长逐步稳定,惟拨备增加下盈利仍存压力

美银证券│第三季盈利增长有所改善

瑞银│第三季利润下降,收入增长强劲

(ta/w)

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