一文了解大行於工行(01398.HK)公布業績後最新評級、目標價及觀點
工商銀行(01398.HK)今早股價造好，最新報5.56元升2.4%。工行上周五(26日)收市後公布去年業績，期內純利按年增長1.2%至3,159.06億元人民幣，高於本網早前綜合4間券商預期之介乎2,894.12億元至3,157.68億元人民幣區間。每股盈利0.86元人民幣。公司宣派每10股2.66元人民幣股息。
工行去年利息淨收入按年增長2.3%至6,467.65億元人民幣，淨利息收益率2.15%，較2019年收窄15個點子。不良貸款餘額2,939.78億元人民幣，按年增加22.4%。不良貸款率1.58%，較2019年的1.43%提升。撥備覆蓋率180.68%，較2019年的199.32%下降。貸款撥備率2.85%，2019年同期則為2.86%。
【業績優預期 派息亦理想】
美銀證券表示，工行去年純利優預期5.7%，撥備前盈利按年升4.4%，估計市場同業將上調預測，其每股派息亦高於預期9%，令其股息回報達5.8厘。該行決定上調工行今明兩年盈利預測3至5%，重申對其「買入」評級，指其估值吸引。
匯豐環球研究發表報告表示，工行自2015年以來每股盈利持續按年增長，有效地實施漸進式分紅政策。預計撥備前利潤中位數增長可持續；核心一級資本充足率改善有望支持股息增長。該行將其目標價從6.5港元上調至7.1港元，維持「買入」評級。
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本網最新綜合9間券商對其投資評級及目標價，3間券商上調目標價：
券商│投資評級│目標價(港元)
中金│跑贏行業│8.19元
匯豐環球研究│買入│6.5->7.1元
美銀證券│買入│6.3->6.6元
瑞信│跑贏大市│6.6元
海通國際│跑贏大市│6.5元
花旗│買入│6.48元
摩根士丹利│增持│6.4元
傑富瑞│持有│5.39->6.2元
野村│買入│6.17元
券商│觀點
中金公司│去年業務仍然穩定，關注零售銀行業務策略
匯豐環球研究│去年撥備前利潤增長高於預期
美銀證券│去年業績勝預期，每股盈利增長偏好
瑞信│去年淨利潤增長符預期，料今年業務有所改善
海通國際│去年淨利潤增長超預期，淨利息收益率增長穩健定
花旗│去年存款減少影響負面，關注資產質量改善情況
摩根士丹利│去年撥備前利潤健康增長，淨利息收益率穩定
傑富瑞│去年業績勝預期，派息持平
野村│去年淨利潤增長超預期，不良貸款及淨息差表現符預期
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