《大行報告》摩通:建行(00939.HK)管理層指引經營前景改善 抵銷首季盈利遜預期
摩通發表評級報告指,建行(00939.HK)首季純利按年持平,較該行預期低了7%,惟撥備前盈利按年持平,已較上年第四季按年跌8%改善。收入增長大致上符合預期,而淨利息收益率收窄、以及交易收入反彈均已在預期之內。
該行指,純利出現下行意外,主要是由於宏觀環境改善下,卻未有釋放撥備;其減值費用按年持平,較該行預期高出12%。但即使淨利潤增長令人失望,該行預計其股價將保持穩定,主要是管理層指引經營前景改善,這包括了淨利息收益率或持續穩定,服務費收入增長或於次季及第三季加速,而資產分類的監管變化影響較小,令資產質量前景穩定,加上資本監管變化對建行呈正面影響,以及零售業務改善。該行給予其目標價為7.1元,維持其評級為「增持」。
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