《大行報告》大和下調建行(00939.HK)目標價至6.7元 評級「買入」
大和發表報告,重申對建設銀行(00939.HK)「買入」評級,目標價由7.4元下調至6.7元。由於凈利差的下行壓力,將2021年和2022年的撥備前利潤預測分別下調2%和3%,並將凈利潤預測上調12%和20%,以反映更好的資產質量前景,並預測2022年的隱含股息率為9.4%。
大和指,儘管房地產行業的資產質量風險仍然是市場關注的問題,但考慮到房地產行業貸款的實際做法和目前的監管指導,認為風險受控。
該行解釋指,銀行不是直接向房地產開發商貸款,而是傾向於向特定的項目公司貸款,而這些公司的資金來自房地產開發商的股權和其他債務。銀行對此類項目公司的貸款的資產質量有不同支持,包括母公司和項目之間的風險隔離、土地和建築資產作為抵押品,以及特定項目的獨立資金賬戶。此外,監管機構正在進行協調,以確保項目建設和成品公寓結算的順利進行,並鼓勵實力雄厚的房地產開發商收購實力較弱的開發商,以穩定房地產市場。
另外,該行提到,由於中國正在加強對經濟的財政政策支持,可能會導致更多基礎設施項目啟動,並促進建行的資產增長。同時,中國正在為銀行提供更多有針對性的貨幣支持,比如為綠色貸款和普惠性小微企業貸款提供流動性工具,有利發揮建行在這兩個領域的長期努力。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.