《大行報告》高盛:中行(03988.HK)業績勝預期 工行(01398.HK)符預期 建行(00939.HK)遜預期
高盛發表報告,指中行(03988.HK)2022年上半年業績勝預期,工行(01398.HK)符合預期,而建行(00939.HK)則遜預期,計及農行(01288.HK),指國有四大行資產負債表擴張強勁,不過存款增幅低過信貸增長,將限制擴表,並令資金成本上升。
高盛表示,四大國有銀行次季淨不良貸款生成率加快,雖然不良貸款率穩定,表明更多不良貸款已於第二季確認並處置,預計銀行將有更多撥備,而不是通過儲備釋放來推動利潤增長。
高盛又指,以撥備前經營利潤、撥備、淨利潤增長來計算,建行的盈利屬於低質素,中行的盈利屬於高質素。高盛予工行「買入」評級,H股目標價5.24元。予建行「買入」評級,H股目標價6.64元。予中行「中性」評級,H股目標價3.4元。
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