一文了解券商於農行(01288.HK)公布季績後最新評級、目標價及觀點
農業銀行(01288.HK)今早股價偏淡,最新報3.03元下滑1.3%。野村指農行首季純利按年升2.6%,營運溢利跌1%相信是受較高撥備(按年升12%)所影響,雖然手續費收入按年升12.2%,並指其淨息差收受壓。
【季績符預期 減值損失增】
農行公布首季純利按年增長2.6%至658.61億元人民幣,每股盈利0.18人民幣。季內營業收入按年增長4.1%至1,944.99億人民幣,淨利息收入按年增長4.8%至1,401.12億人民幣,手續費及佣金淨收入按年增長12.2%至303.71億人民幣。營業支出按年增加4.9%至636.42億元人民幣。農行首季信用減值損失502.34億人民幣,按年增加53.82億人民幣。3月底止不良貸款餘額2,445.63億元,較去年底增加74.5億元,不良貸款率1.53%,較去年底下降0.04個百分點;撥備覆蓋率264.61%,較去年底升3.97個百分點。
瑞信發表報告表示,農行首季純利按年增長2.6%符合該行預期。農行季內收入復甦仍然疲弱,儘管手續費收入增長強勁,但非利息收入更跌8%,信用減值損失按年增加。不過,該行對農行今年盈利恢復持樂觀態度,預計未來幾個季度將進一步改善,維持予其目標價3.8港元及維持其「跑贏大市」投資評級。
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本網最新綜合6間券商其投資評級及目標價:
券商│投資評級│目標價(港元)
里昂│買入│4.3元
摩根大通│增持│4元
瑞信│跑贏大市│3.8元
瑞銀│買入│3.8元
野村│買入│3.58元
摩根士丹利│增持│3.5元
券商│觀點
里昂│農行為內銀股首選之一,利率上升和經濟復甦有望盈利繼續好轉
摩根大通│首季撥備水平超預期,淨利潤增長前景正面
野村│手續費收入增長有改善,但淨息差NIM面臨壓力
瑞信│考慮到收入增長疲弱,下調2020-2022年盈利預測
瑞銀│上調2021至2023年度每股盈利預測5%至6%
摩根士丹利│資產質量穩定,手續費收入影響利潤增長
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