野村:維持農業銀行(1288.HK)3.58港元目標價 評級買入
野村發表研究報吿指,由於貸款增長強勁,撥備增加,今年農業銀行(1288.HK)首季的盈利按年增長2.6%,而運營利潤減少1%。該行維持農行目標價3.58港元及買入評級。
野村表示,由於集團貸款的強勁增長,淨利息收入按年增長4.8%,同時,淨利息收益率面臨壓力,該行預期為按年減少19個基點。
野村又指,農行手續費收入按年增長了12.2%,很可能是由銀行卡手續費增長推動。儘管集團的收入與工行和建行相比仍然落後,但來自手續費收入的貢獻卻按年增長1.14個百分點至15.6%。
野村指出,農行的成本收入比微升27基點至32.72%,其中營業開支增加4.9%。資本方面,農行普通股權一級資本比率和資本充足率分別下降至1.98%和16.37%。
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