一文了解券商於建行(00939.HK)公布去年業績後最新目標價及觀點
建設銀行(00939.HK)公布去年業績後,今日股價偏淡,最新報5.08元跌0.4%。摩根大通指,建行業績具多個亮點,去年第四季資產質素改善,不良貸款比率按季跌2個點子至1.38%。建行經營開支全年僅按年升1%,其普通股權一級資本率為內銀股中最佳。然而,建行去年第四季淨息差按季收窄4點子,差於同業的收窄3點子。該行基於穩固的資本及高於同業的股本回報率,給予建行「增持」評級,目標價7元。
建行昨(29日)昨晚公布去年業績,純利按年升7%至3,238.61億人民幣,高於本網綜合11間券商預測上限的3,232.5億元人民幣,每股收益1.28元人民幣。每股末期息38.9分人民幣,接近本網綜合11間券商預測的39分人民幣,上年同期派36.4分人民幣。經營收入按年跌0.9%至7,581.55億元人民幣,其中利息淨收入按年升6%至6,430.64億元人民幣;淨利息收益率2.02%,淨利差1.82%,分別下降0.11及0.12個百分點,手續費及佣金淨收入按年跌5%至1,160.85億元人民幣;對經營收入比率15.31%,下降0.58個百分點。
建行去年減值損失按年減少8%至1,550.18億元人民幣。實現稅前利潤增長1%至3,820.17億元人民幣,經營費用增加1.4%;成本收入比28.25%,上升0.61個百分點。
【業績後偏淡 淨息差受壓】
摩根士丹利指,建行去年第四季稅後淨利潤按年升8.8%,反映撥備回撥及信貸成本按年減少29點子。建行淨息差受壓及費用與投資收入減少,仍對收入構成壓力。該行成本收入比率按年升1.2個百分點,或受轉弱的收入趨勢影響。該行認為,建行資產質素穩定,撥備覆蓋仍然合適,但淨息差壓力在資產及負債側均持續。該行基給予建行「增持」評級,目標價6.2元。
高盛指,建行去年第四季業績差於預期,所有業務旳撥備前經營溢利下跌,或引來市場負面反應。該行又指,該行計算建行去年第四季淨息差分別按年及按季跌23及9個點子,投資回報跌至負1.43億元,新增不良貸款率按年升15點子,撥備前經營溢利資產回報率降至1.19%,按年跌30點子。普通股權一級資本率按季跌0.2個百分點至13.7%。該行給予建行「買入」評級及目標價6.07元。
-------------------------------------------
本網最新綜合3間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
摩根大通│增持│7元
摩根士丹利│增持│6.2元
高盛│買入│6.07元
券商│觀點
摩根大通│季度盈利勝預期,惟收入遜預期
摩根士丹利│季度盈利健康,但收入仍受壓
高盛│業績如預期疲弱
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.