一文了解大行於工行(01398.HK)公布业绩後最新评级、目标价及观点
工商银行(01398.HK)今早股价造好，最新报5.56元升2.4%。工行上周五(26日)收市後公布去年业绩，期内纯利按年增长1.2%至3,159.06亿元人民币，高於本网早前综合4间券商预期之介乎2,894.12亿元至3,157.68亿元人民币区间。每股盈利0.86元人民币。公司宣派每10股2.66元人民币股息。
工行去年利息净收入按年增长2.3%至6,467.65亿元人民币，净利息收益率2.15%，较2019年收窄15个点子。不良贷款余额2,939.78亿元人民币，按年增加22.4%。不良贷款率1.58%，较2019年的1.43%提升。拨备覆盖率180.68%，较2019年的199.32%下降。贷款拨备率2.85%，2019年同期则为2.86%。
【业绩优预期 派息亦理想】
美银证券表示，工行去年纯利优预期5.7%，拨备前盈利按年升4.4%，估计市场同业将上调预测，其每股派息亦高於预期9%，令其股息回报达5.8厘。该行决定上调工行今明两年盈利预测3至5%，重申对其「买入」评级，指其估值吸引。
汇丰环球研究发表报告表示，工行自2015年以来每股盈利持续按年增长，有效地实施渐进式分红政策。预计拨备前利润中位数增长可持续；核心一级资本充足率改善有望支持股息增长。该行将其目标价从6.5港元上调至7.1港元，维持「买入」评级。
----------------------------------------
本网最新综合9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│8.19元
汇丰环球研究│买入│6.5->7.1元
美银证券│买入│6.3->6.6元
瑞信│跑赢大市│6.6元
海通国际│跑赢大市│6.5元
花旗│买入│6.48元
摩根士丹利│增持│6.4元
杰富瑞│持有│5.39->6.2元
野村│买入│6.17元
券商│观点
中金公司│去年业务仍然稳定，关注零售银行业务策略
汇丰环球研究│去年拨备前利润增长高於预期
美银证券│去年业绩胜预期，每股盈利增长偏好
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│去年净利润增长超预期，净利息收益率增长稳健定
花旗│去年存款减少影响负面，关注资产质量改善情况
摩根士丹利│去年拨备前利润健康增长，净利息收益率稳定
杰富瑞│去年业绩胜预期，派息持平
野村│去年净利润增长超预期，不良贷款及净息差表现符预期
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
