野村:重申建設銀行(0939.HK)買入評級 目標價上調至7.64港元
野村發表研究報告指,由於經濟復甦強勁,政府刺激措施及政策放鬆的程度減少,延伸建設銀行(0939.HK)估值基礎至明年,決定將建行目標價由原來的6.91港元升至7.64港元,重申買入評級。
野村表示,上調建行今年至2022年的淨利潤預測,為反映經營環境有所改善,亦將建行今年至2022年的淨息差預測,分別提高4個基點、7個基點和15個基點,目前預期今年的淨息差將跌15基點至2.11%,明年淨息差跌4基點至2.07%,而2022年則持平於2.07%。銀行第三季淨息差跌幅收窄,預期將從新型肺炎疫情中逐漸恢復。
貸款方面,該行將建行今年的貸款增長預測上調0.5個基點,而明年和2022年的預測,則分別下調0.5個基點,以及1個基點,估計貸款增長率分別為12%、11%和10.5%。該行亦維持今年不良貸款預測為1.56%,並將明年的不良貸款預測下調4個基點至1.62%,而2022年的不良貸款率預測亦削減12基點至1.64%,以反映資產質素將好過預期。

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