《大行報告》野村上調工行(01398.HK)目標價至6.15元 評級「買入」
野村發表研究報告,預期工行(01398.HK)在2020至2022財年的淨息差將分別錄2.09%、2.07%、2.06%。其淨息差跌幅由第二季的跌7個基點,收窄至第三季的跌3個基點,意味已從疫情的影響中逐漸恢復過來。管理層已指出將通過提升客戶長期忠誠度,來致力降低債務成本。
該行認為,銀行將利潤轉移至實體經濟的壓力或會逐步紓緩,因為因應疫情影響而作出的特殊監管指引,應會在經濟強勁復甦的背景下逐步淡出,這將有利於銀行的收入增長。現預期工行2020至2022財年的撥備前利潤增長分別為3%、9%及8%。不良負債比率則料分別錄1.58%、1.64%及1.66%。基於以上變化,料其2021及2022財年純利分別增長11%及12%,該行上調2021及2022年盈測5%及14%,2020財年預測則維持不變,料盈利按年減少8%。
基於預測的改變及未來估值增長,該行將工行的目標價上調5%至6.15元,重申「買入」投資評級。
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