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一文綜合券商於工行(01398.HK)公布業績後最新評級、目標價及觀點
工商銀行(01398.HK)今早表現偏軟,最新跌近1%報3.97港元。花旗表示,工行上半年撥備前利潤(PPOP)按年升2.8%,期內純利升4.9%至1,715億人民幣,即其第二季撥備前利潤按年跌0.8%(對比首季升6.2%),主要受淨息差收窄、手續費疲弱等影響。 工行昨日收市後公布今年中期業績,營業額4,437.88億元人民幣按年升4.1%。純利1,715.06億人民幣按年升4.9%,符合本網綜合4間券商預測純利介乎1,682.73億元至1,726.52億人民幣,中位數1,714.12億人民幣。每股盈利為0.47元人民幣。不派息。 工行上半年利息淨收入為3,514.3億人民幣按年升4.5%;手續費及佣金淨收入微增0.1%。淨利息收益率2.03%,跌0.09個百分點。上半年該行貸款減值準備6,541.2億人民幣按年增8.3%。於6月底,該行不良貸款率為1.41%,較去年底降0.01個百分點;撥備覆蓋率由去年底的205.84%升至207.03%;貸款撥備率升0.01個百分點至2.93%。該行披露,上半年房地產業不良貸款共387.6億人民幣,不良貸款率為5.47%。 【淨息差欠佳 PPOP略遜】 摩根大通表示,工行第二季業績略遜於預期,撥備前利潤較該行原預期低4個百分點,指淨利息收益率收縮幅度大於原預期(按季收窄14個基點),對比同業農行(01288.HK)及建行(00939.HK)各按季收窄13及12個基點為大。 摩根士丹利發表研究報告表示,工行在充滿挑戰宏觀環境中保持穩定增長,第二季淨利潤809億人民幣,按年增4%,主因資產質素改善支持利潤增長。淨息差收縮和費用降低,顯示宏觀環境不確定性仍然存在。該行維持對工行「增持」評級,目標價6.5元。 -------------------------------------- 下表列出5間券商對其評級及目標價: 券商│投資評級│目標價(港元) 野村│買入│6.93元 摩根士丹利│增持│6.5元 花旗│買入│6.26元 摩根大通│中性│5.1元 瑞銀│中性│4.3元 券商│觀點 野村│次季淨利潤符預期,淨息差表現低於預期 摩根士丹利│次季在充滿挑戰宏觀環境中保持穩定增長 花旗│次季純利符預期,撥備前利潤(PPOP)令人失失望 摩根大通│淨息差及手續費業務遜預期 瑞銀│次季撥備前利潤略跌,淨息差下降受高定期存款增長所拖累
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