一文了解券商於建行(00939.HK)公布季績後最新評級、目標價及觀點
建設銀行(00939.HK)早市股價走低0.8%收6.4元。建行昨(28日)收市後公布首季業績，純利831.15億人民幣，按年升2.8%，每股收益33分人民幣。年化加權平均淨資產收益率14.42%，跌0.67個百分點。季內經營收入1,953.5億元人民幣，升4.8%。其中利息淨收入1,471.48億元人民幣，升4.3%；淨利差1.96%，淨利息收益率2.13%，分別跌0.14及0.13個百分點。手續費及佣金淨收入410.79億元人民幣，按年升8.8%。
建行首季減值損失522.63億元人民幣，增加30.96億元人民幣。其中信用減值損失522.84億元人民幣，增加6.4%。截至3月止不良貸款額2,742.53億元人民幣，較年初增加135.24億元人民幣；不良貸款率維持1.56%。撥備覆蓋率214.94%，上升1.35個百分點。
【業績符預期 資產質素穩】
高盛指，建行季績符合市場預期，淨利息收入增長4%，表現穩定，費用收入則上升近9%，信貸成本按年跌0.2個百分點，且有足夠風險緩衝。該行料建行盈利將於次季開始釋，基於去年同期低基數，與及對今年上半年純利按年升8.3%的預測，意味建行次季純利可望增長16%。該行維持對建行「買入」評級，H股目標價為9.55元。
摩根士丹利指，建行首季延後按揭息率下調，影響淨利差及撥備前經營溢利增長，但健康的費用收入及穩定的信貸質量支持盈利增長。該行料建行未來數季淨利差及盈利增長將會加快，基於去年第二季的低基數。該行給予建行「增持」評級，H股目標價7.3元。
中金公司指，建行首季業績符預期，費用收入及純利增長較去年全年加快，其中首季費用收入增長加快5.5個百分點，純利增長亦加快1.2個百分點。撥備增長則因去年高基數效應而減速9.8個百分點。該行亦指，建行不良貸款比率按季持平至1.56%，現有資產質素維持穩定。撥備覆蓋率亦穩定地改善，按季升1.4個百分點至214.9%，撥備與信貸比率按季持平至3.3%。該行給予建行「跑贏行業」評級，H股目標價10.17元。
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本網最新綜合9間券商對其投資評級及目標價：
券商│投資評級│目標價
中金公司│跑贏行業│10.17元
高盛│買入│9.55元
花旗│買入│9.11元
摩根大通│增持│8.8元
傑富瑞│買入│8.14元
瑞銀│買入│8.1元
瑞信│跑贏大市│8元
野村│買入│7.74元
摩根士丹利│增持│7.3元
券商│觀點
中金公司│盈利增長反彈，資產質素穩定
高盛│季績穩定，料盈利次季開始釋放
花旗│首季稅後溢利增長受淨利差收窄及成本上升影響
摩根大通│撥備前經營溢利受淨利差及經營成本上升拖累
傑富瑞│業績符預期
瑞銀│首季盈利增長遜預期，但第二及第三季轉強
瑞信│淨利潤符預期，在穩定復甦軌道
野村│費用收入恢復，資產質素穩定
摩根士丹利│首季淨息差及撥備前經營溢利受壓，但料未來反彈
(fc/w)
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