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《大行報告》大摩:建行(00939.HK)上季盈利增長健康 惟收入仍承壓
阿思達克 03-30 10:54
摩根士丹利發表研究報告,指建行(00939.HK)去年末季盈利增長健康,稅後純利按年升8.8%,反映信貸成本按年降29點子帶來的撥備回撥。淨息差面對壓力,手續費及投資收益下滑仍壓抑收入。 報告稱,建行資產質素穩定,仍有充裕撥備覆蓋。報告留意到建行去年下半年逾期逾三個月的貸款按半年增長26.6%,或反映末季疫情帶來封城影響,報告相信自中國重新開放後將有所改善。 大摩稱,建行末季淨手續費收入按年跌15%,受累疫情影響線下消費,致銀行卡收費表現疲弱;末季非利息收入按年跌40.3%。另成本收入比率輕微上升,亦壓抑撥備前盈利增長。大摩予建行H股「增持」評級,目標價6.2元。
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