一文綜合券商於中行(03988.HK)公布季績後最新觀點、評級及目標價
中國銀行(03988.HK)今日股價偏淡,最新報3.1元下滑1.6%。中金指中行首季業績符合預期,手續費收入按年升18.1%強勁,指資產質素改善及優預期;摩根大通則指,中行屬內銀股息回報最高股份,但在新冠疫情持續下,料中行旗下海外業務表現將乏力。
中行昨收市後公布首季純利按年增長2.7%至539.89億元人民幣,每股盈利0.18元。營業收入按年增長6.3%至1,578.66億人民幣,其中淨利息收入按年增長3.7%至1,041.59億人民幣,淨息差1.78%。中行首季非利息收入537.07億人民幣,增長11.74%;其中手續費及佣金收支淨額278.75億人民幣,增長18.09%。中行首季資產減值損失323.61億元,按年減少0.6%。核心一級資本充足率為11.12%。
【季績符預期 手續收入強】
瑞銀發表報告表示,中行首季純利按年增長2.7%,與其他四大銀行的趨勢一致,惟淨利息收入按年增長相對較弱,但手續費收入增長(按年升18.2%)強勁優於同業,此有助於中行總體收入增長加快,而該行予其「買入」投資評級,目標價3.9港元,關注其今年餘下時間盈利目標、淨息差及貸款定價趨勢及成本控制等。
摩根士丹利表示,中行首季業績略優預期,信貸質素呈改善,手續費錄健康增長(按年升18%),公司管理層對資產質素和手續費收入持樂觀看法,首季存款增長高於同業,予其目標價3.6港元,維持「增持」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)
中金│跑贏行業│4.68元
瑞銀│買入│3.9元
高盛│中性│3.77元
摩根士丹利│增持│3.6元
摩根大通│中性│3.3元
里昂│買入│---
券商│觀點
中金│首季業績符預期,資產質素優預期
瑞銀│首季收入增長符預期,手續費收入增長高於同業
高盛│首季盈利增長穩定,料次季將加快1
摩根士丹利│首季存款增長高於同業
摩根大通│首季業績勝預期,資產質量明顯改善
里昂│不良貸款率顯著下跌,四大行中業績表現最強
(ta/w)
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