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一文綜合券商於工行(01398.HK)公佈季績後最新評級、目標價及觀點
工商銀行(01398.HK)今早股價靠穩,匯豐環球研究第三季業績鞏固,撥備前利潤(PPOP)增長穩固,旗下資產質素改善及資本充足率見提升,但指第三季每股盈利增長慢於業,指業績屬好壞參半。工行於上週五(29日)收市後公佈截至9月底止首三季業績,純利按年升10%至2,518.21億元人民幣;每股盈利0.69人民幣。首三季營業收入按年升7%至6,438.95億元人民幣。利息淨收入安年升6%;非利息收入按年升13%,其中手續費及傭金淨收入按年升0.3%。 單計第三季,工行營業收入按年升10%至2,174.89億元人民幣,純利按年升11%至883.48億元人民幣,每股盈利0.23元人民幣。 工行截至9月底止總資產達35.39萬億元人民幣,較去年底增長6%。客戶貸款及墊款總額(不含應計利息)爲20.42億元人民幣升10%。核心一級資本充足率13.14%,較去年底跌4點子。不良貸款餘額3,113.16億元人民幣,不良貸款率1.52%,較去年末下降0.06個百分點。 【首季業績鞏固 惟增長遜同業】 摩根大通指,工行第三季盈利增長按年升11%,較其他大型國有銀行慢(對比中行(03988.HK)升13%、農行(01288.HK)升14%),指工行季績爲好壞參半。正面來說,資產質素仍然穩定,不良貸款比率按季跌2點子及收入按年增長反彈至10%,但核心盈利仍然疲弱,該行整體預期工行股價表現落後其他國有銀行股,維持對工行「中性」評級及目標價5.2元。 中金指,工行首三季度淨息差2.02釐,高於上半年的2釐,主要由於貸款佔生息資產比重按年提高2個百分點。工行堅持量價協調原則,主動優化資產分配,提高生息資產收益率穩定,同時有效控制付息率,控制淨息差壓力。該行亦指,工行普惠業務除貢獻資產端收益,亦貢獻存款,同時銀行風險監控能力改善,信用風險成本趨於下降,普惠金融能兼顧商業性,目前規模超過1萬億元人民幣,爲工行重要盈利貢獻。該行維持工行H股「跑贏行業」評級及6.9元目標價不變。 ----------------------------------------------------- 本網最新綜合8間券商對其投資評級及目標價: 券商│投資評級│目標價 摩根士丹利│增持│7.2元 匯豐環球研究│買入│7.1元 花旗│買入│7元 中金│跑贏行業│6.9元 野村│買入│6.36元 美銀證券│買入│6元 摩根大通│中性│5.2元 瑞銀│中性│4.3元 券商│觀點 摩根士丹利│稅後盈利增長健康,資產質素進一步改善 匯豐環球研究│季績堅韌,但欠缺驚喜 花旗│淨息差及手續費表現仍疲弱 中金│季績略好於預期,經營指標穩中向好 野村│季績符預期 美銀證券│業績穩健,收入增長改善 摩根大通│收入增長加快,但增速仍落後於其他國有銀行 瑞銀│盈利增長略勝預期,受強勁淨利息收入增長推動 (fc/w) ~
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