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《大行報告》野村下調建行(00939.HK)目標價至6.66元 首季淨利潤略遜預期
阿思達克 05-02 11:33
野村發表研究報告指,建行(00939.HK)首季淨利潤按年持平,而淨息差遜於預期。由於淨息差收窄,淨利潤為890億元人民幣,較預期低1%。總營業收入按年增長1%至2,010億元人民幣,淨利息收入下降4%,非利息收入增長21%。2023年第一季淨費用收入按年增長3%。撥備前利潤基本按年持平至1,560億元人民幣;撥備總額下降1%,成本收入比率按年小幅上升1個百分點至22.4%。 該行表示,由於中國貸款市場報價利率重新定價和存款穩定,建行淨息差按年下降32個基點至1.83%,比2022財年全年的2.02%低19個基點。此外,季內強勁的存款增長超過了總貸款增長。與同行相比,建行的抵押貸款比例更高,導致其2023年第一季的淨息差受到中長期貸款重新定價壓力的影響更大。該行維持建行「買入」評級,目標價下調2.7%,由6.85元降至6.66元。
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