野村:維持工商銀行(1398.HK)6.38港元目標價 評級買入
野村發表研究報吿指,受到較高的營運開支和疲弱手續費拖累,工商銀行(1398.HK)今年首季盈利按年增長1.5%,而信貸成本進一步變得穩定。野村維持工行目標價6.38港元,以及買入評級。
野村表示,工行首季撥備前利潤按年升2.7%,而營業收入錄得穩定增長,按年升3.8%,但被按年增長8.7%的營運開支抵銷。淨利息收入按年升3.5%,淨投資收入升37.6%,而淨手續費收入增長仍然欠驚喜。
該行指,銀行信貸成本回穩至0.71%,資產質素維持穩定,不良貸款率按季持平於1.58%,不良貸款覆蓋率按季改善至183.22%。下行風險包括不良貸款表現及淨息差表現差過預期。

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