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一文了解券商於工行(01398.HK)公布中期業績後最新目標價及觀點
阿思達克 08-30 11:48
工商銀行(01398.HK)今早股價偏淡,最新報4.32元下滑0.5%。野村指工行上半年純利增長優於該行原預期,主要受惠信貸撥備損失較少,但基於該行對中國今年下半年經濟增長的期望不高,決定維持對工行今年下半年盈利預測,維持對工行「買入」評級及目標價6.38元。 工行上周五(27日)收市後公布今年中期業績,純利按年增長9.9%至1,634.73億人民幣,貼近本網綜合6間券商預期上半年純利介乎1,537億元至1,638.61億人民幣的上限;中位數1,579.8億人民幣;每股基本盈利0.46元人民幣。不派中期息。上半年利息淨收入按年增長5.1%至3,362.93億人民幣,淨利息收益率2.12%,較去年同期的2.2%收窄。手續費及佣金淨收入按年增長0.5%至759.43億人民幣。期內營業收入按年增長6%至4,264.06億人民幣,資產減值損失1,245.47億人民幣,少於去年同期的1,254.56億人民幣。6月底止核心一級資本充足率12.9%,較去年底的13.18%下降。期內不良貸款率1.54%,較去年底的1.58%稍降。 【業績符合預期 手續費收入弱】 美銀證券發表報告表示,工行上半年業績符合預期,淨利潤按年增長9.9%及核心盈利按年增長5.4%大致符合預期。該行維持對工行2021年全年收益基本不變,但因宏觀和利潤率前景疲軟,將對其2022年至2023年收益預測下調4%-9%,將其目標價由6.6港元下調6港元,鑑於其穩健的增長和有吸引力的估值,維持其「買入」投資評級。 摩根士丹利表示,工行第二季淨利潤錄777億人民幣按年升21%,指其撥備前利潤增長9%,受惠淨息差穩定、貸款增長及成本控制良好,成本支出較低,但無論如何旗下手續費收入增長較弱,維持對其「增持」投資評級及目標價7.2港元。 ------------------------------------ 本網綜合10間券商列出對工行最新評級及目標價: 券商│投資評級│目標價(港元) 摩根士丹利│增持│7.2元 匯豐環球研究│買入│7.1元 交銀國際│買入│6.6元 瑞銀│買入│6.5元 野村│買入│6.38元 廣發証券│買入│6.13元 瑞信│跑贏大市│6.3元 美銀證券│買入│6.6->6元 摩根大通│中性│5.1元 傑富瑞│買入│4.99元 券商│觀點 摩根士丹利│次季純利穩健因淨息差穩定及成本控制得宜 匯豐環球研究│對其資產質量和貸款渠道充滿信心 交銀國際│盈利持續復甦,資產負債表健康 瑞信│次季業績大致符合預期 瑞銀│利潤反彈符預期,營收和撥備前利潤增長穩健 野村│盈利強勁反彈因信貸損失減少 美銀證券│上半年盈利增長強勁,估值具吸引力 廣發証券│基本面穩步向上,看好盈利能力改善 摩根大通│淨息差和及手續費收入增長面臨壓力 傑富瑞│淨利潤增速放緩,淨息差趨勢理想
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