一文了解券商於工行(01398.HK)公布首季業績後最新目標價及觀點
阿思達克 05-02 10:44
工商銀行(01398.HK)上周五(28日)收市後公布首季度業績，今早股價造淡，最新報4.18元跌0.9%。中金表示，工行今年首季純利潤增速略低於該行預期，主要是成本有所提升，指期內基建推動信貸高增長，而首季淨息差1.77厘，較去年首季及去年全年分別下降各33及15個基點，維持「跑贏行業」評級及目標價4.85元。
工行公布今年首季按照國際財務報告準則，營業額2,184.61億元人民幣按年跌3.5%。純利901.64億人民幣按年微升0.02%；每股盈利0.25元人民幣。期內，利息淨收入1,684.12億人民幣按年跌4.79%；年化淨利息收益率(NIM)下降至1.77%。非利息收入500.49億人民幣增長1.02%，其中，手續費及佣金淨收入404.86億人民幣下降2.86%。年化平均總資產回報率0.89%，年化加權平均權益回報率11.22%，分別下降0.11和0.93個百分點。
【純利低預期 手續費疲弱】
花旗表示，工行今年首季撥備前利潤(PPOP)按年跌5.8%(對比去年按年跌3.9%)，主要受到手續費收入疲弱及淨息差所拖累。
華泰證券表示，工行3月末不良貸款率、撥備覆蓋率分別為1.38%、214%，較2022年末持平、上升4個百分點。今年首季房地產貸款不良率較去年第四季提升27個基點，但地產類貸款僅佔總貸款約3%，撥備計提充足，整體風險可控。
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本網最新綜合7間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
花旗│買入│6.05元
華泰証券│買入│5.69元
美銀證券│買入│5.37元
匯豐環球研究│買入│5.2元
野村│買入│5.01元
摩根大通│中性│5元
中金│跑贏行業│4.85元
券商│觀點
花旗│首季業績疲弱
華泰証券│房貸投資提速，投資收益回暖
美銀證券│首季純利符預期，淨息差穩定
匯豐環球研究│資本比率較同業高
野村│首季淨利潤及淨利息收入按年增長均遜預期
摩根大通│首季業績遜預期
中金│首季業績略遜預期，下調2023年及2024年淨利潤1.9%及2%
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