美银证券:工商银行(1398.HK)去年业绩胜预期 升目标价至6.6港元
美银证券发表研究报告指,工商银行(1398.HK)去年业绩好过预期,将其目标价上调由6.3港元升至6.6港元,维持买入;公司A股目标价则为6.2元人民币,评级亦为买入,并指工行为其行业的核心股份。
美银表示,期内工行拨备前利润按年升4.4%,高于去年首9个月的3.1%;普通股权一级资本比率13.2%,保持于较高水平,而股本回报率就按年跌1.1百分点至12%。重列的净息差按年跌15基点,而去年第四季净息差可能保持稳定。管理层对今年淨息差的前景亦更为乐观。
该行指,银行手续费收入按年持平,而银行卡费用按年跌14%,但很大程度被财富管理的费用增长9.2%,以及结算和清算费用升4.8%所抵销。

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