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摩通:工行上季盈利增長高於預期,予目標價5.1港元
格隆匯 03-31 11:34

格隆匯3月31日丨摩通發研報指,工商銀行(1398.HK)去年淨利潤按年增長10%,略低於其他四大銀行,而其第四季度淨利潤按年增長11%,高於該行預期,又指第四季度淨息差持續上升,資產質量有所改善,然而,費用增長仍然相對疲弱,營運成本高於預期,第四季數據能對目前股價提供支持,予H股目標價5.1港元,維持“中性”評級。

摩通表示,由於減息等因素,今年未必能保持淨息差及資產質素的積極趨勢,認為今年的收入增長可能面臨壓力,因為工行管理層重申減費讓利,以支持經濟,而展望今年,工行管理層承認淨息差存在下行壓力,但由於工行在去年優化了資產負債結構,有信心淨息差將處於合理範圍內。摩通提及,工行管理層對今年保持增長率和資產質素充滿信心,但承認房地產行業、週期性行業和受新冠疫情爆發影響的行業存在風險。該股現報4.84港元,總市值17250億港元。

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