一文了解券商於建行(00939.HK)公布业绩後最新评级、目标价及观点
建设银行(00939.HK)今早股价造好，最新报6.61元上扬2.2%。建行上周五(26日)晚後公布去年业绩，纯利按年增长1.6%至2,710.5亿元人民币，符合预期(本网之前综合券商预测净利润介乎2,492.24亿至2,764.85亿元，中位数2,544.82亿元)；每股盈利1.06元人民币。派息每股0.326元人民币。
建行去年利息净收入按年增长7.2%至5,759.09亿元人民币，净利息收益率按年收窄13点子至2.19%。信用减值损失按年增加18.7%至1,934.91亿元人民币，不良贷款余额按年增加22.7%至2,607.29亿元人民币。不良贷款率1.56%，按年提升0.14个百分点。核心一级资本充足率13.62%，稍低於2019年的13.88%。
【业绩符预期 股息回报佳】
汇丰环球研究指，建行去年股盈利1.06元人民币，高於市场原预期5.2%，指成本效益表现正面，派息及资本充足率亦正面，指公司收入增长续优於同业，决定下调对其今明两年每股盈利预测各8.4%及2.8%，维持建行H股「买入」评级，上调对其目标价由8.1元升至8.8元。
美银证券发表报告表示，建行去年核心收益增长稳健及收益率吸引下，该行将其目标价从7.7港元上调至8.05港元，维持「买入」评级。该行表示，建行核心一级资本充足比率保持较高水平，为13.6%，股本回报率为12.2%，其派息比率按年上升0.3个百分点至30.7%，因此将其2021年至2022发盈利收入提高4%-5%。
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本网最新综合10间券商对其投资评级及目标价，3间券商上调目标价：
券商│投资评级│目标价(港元)
中金│跑赢行业│10.17元
汇丰环球研究│买入│8.1->8.8元
摩根大通│增持│8.7元
花旗│买入│8.39元
杰富瑞│持有->买入│6.39->8.14元
美银证券│买入│7.7->8.05元
瑞信│跑赢大市│8元
海通国际│跑赢大市│7.8元
野村│买入│7.68元
摩根士丹利│增持│7.3元
券商│观点
中金│去年收入增长略有下降，关注政府智慧金融业务发展策略
汇丰环球研究│收入增长保持领先同业，核心一级资本充足比率强劲
摩根大通│上季收入及拨备前利润增长改善
花旗│上季业绩好坏参半，核心一级资本充足比率及净利息收益率胜预期
杰富瑞│去年业绩胜预期，派息持平
美银证券│去年核心收益增长稳健及收益率吸引
瑞信│去年净利润增长符预期，料今年业务有所改善
海通国际│核心一级资本充足比率强劲及严格成本控制具优势
野村│上季减值损失和净息差有所改善
摩根士丹利│去年拨备前利润健康增长，净利息收益率稳定
(ta/w)
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