野村:工行去年業績略勝預期,予目標價6.91港元
格隆匯3月31日丨野村發研報指,工商銀行(1398.HK)去年業績略高於該行和市場預期,受益於營業收入表現強勁,全年淨利潤按年增長10%至3387億元,分別較該行和市場預期高1.1%和2.1%。淨資產、股本回報率等均勝預期。每股派息按年增一成至0.2933元,反映派息比率穩定於31%。該行維持“買入”評級,及H股目標價6.91港元。
報吿指,工行淨利息收入優於淨息差和貸款量。去年淨利息收入增長6.8%至6910億元人民幣,高於該行的預期4.4%,反映去年第四季淨利息收入按年增長9.5%或按季增長2.7%至1800億元。這是由受去年貸款按年增長11%推動的,這意味着第四季度貸款按季增長1.2%。野村又指,雖然去年淨息差按年下降4個基點至2.11%,但仍較其預期高1個基點。

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