美銀證券:工商銀行(1398.HK)去年業績勝預期 升目標價至6.6港元
美銀證券發表研究報吿指,工商銀行(1398.HK)去年業績好過預期,將其目標價上調由6.3港元升至6.6港元,維持買入;公司A股目標價則為6.2元人民幣,評級亦為買入,並指工行為其行業的核心股份。
美銀表示,期內工行撥備前利潤按年升4.4%,高於去年首9個月的3.1%;普通股權一級資本比率13.2%,保持於較高水平,而股本回報率就按年跌1.1百分點至12%。重列的淨息差按年跌15基點,而去年第四季淨息差可能保持穩定。管理層對今年淨息差的前景亦更為樂觀。
該行指,銀行手續費收入按年持平,而銀行卡費用按年跌14%,但很大程度被財富管理的費用增長9.2%,以及結算和清算費用升4.8%所抵銷。

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