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《大行報告》高盛:建行(00939.HK)去年撥備前經營溢利遜 市場或作負面反應
阿思達克 03-30 11:13
高盛發表研報指,建設銀行(00939.HK)去年撥備前利潤及撥備額分別為5,370億及1,550億元人民幣,均低於預期,稅後淨利則超出預期達到3,230億元人民幣。 去年第四季建行不良貸款覆蓋率242%,按年升2個百分點,淨不良貸款形成率則按年提升15個基點,撥備前利潤總資產回報率降至1.19%,普通股權一級資本比率亦降至13.7%。 高盛認為,建行去年撥備前經營溢利遜預期,可能會導致市場負面反應,憧憬管理層在業績發布會上解說更多,同時關注淨息差發展趨勢,認為當貸款需求改善但按揭貸款面對定價壓力提升時,淨息差可能會見底。 同時該行亦關注建行的資產質量,維持「買入」評級,目標價為6.07元。
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