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一文了解券商於農行(01288.HK)公布業績後最新目標價及觀點
阿思達克 08-31 11:54
農業銀行(01288.HK)今早股價偏淡,最新報2.59元跌0.8%。瑞銀表示農行上半年純利升12.4%,第二季收入亦按年升12.4%,受惠於交易及其他營運收入按年升3.43倍及淨利息收入上升,因貸款增長按年升14%,令農行次季的撥備前利潤(PPoP)按年升12.6%,屬同業中增長最高,重申對其「買入」評級及目標價3.8元。 農行昨收市後公布今年中期業績,純利按年增長12.4%至1,222.78億元人民幣,高於本網早前綜合4間券商預測的1,149.73億元至1,166億人民幣區間。每股盈利0.34人民幣,不派中期息。農行上半年營業收入按年增長7.8%至3,662.54億人民幣。利息淨收入按年增長6.1%至2,833.57億人民幣,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8.8%至481.5億人民幣。信用減值損失961.38億人民幣,少於去年同期的991.23億元。6月底止核心一級資本充足率10.85%,低於去年底的11.04%。不良貸款率1.5%,稍低於去年底的1.57%。 【中期業績強勁 憂下半年放緩】 花旗發表報告表示,農行第二季盈利穩健,信貸成本較低,主要得益於穩健的貸款增長和強勁的交易收益。該行指出,農行第二季貸款增長保持強勁,主要受強勁的農村家庭貸款、個人商業貸款和信用卡貸款所推動;二季度不良貸款率按季下降3個基點至1.5%,顯示資產質量穩健。農行表示無持有近期違約開發商的債券,並將對房地產行業和產能過剩行業的債券敞口保持在最低水平。花旗維持其「買入」投資評級,予其目標價4.34港元。 野村指,農行上半年盈利強勁,但考到內地今年下半年經濟增長將呈放緩,決定維持對農行今年盈利預測,料農行2021年至2023年純利將按年各升8.7%、4.9%及5.1%,維持對其「買入」評級及目標價3.58元。 -------------------------------------- 下表列出4間券商對其評級及目標價: 券商│投資評級│目標價(港元) 花旗│買入│4.34元 瑞銀│買入│3.8元 野村│買入│3.58元 摩根大通│增持│3.3元 券商│觀點 花旗│次季盈利穩健,信貸成本較低 瑞銀│強勁貸款增長帶動次季撥備前利潤度增長優於同業 野村│儘管淨息差疲弱,但上半年業績表現強勁 摩根大通│撥備前利潤和營業收入超預期
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