《大行報告》瑞銀:建行(00939.HK)首季收入及撥備前經營溢利增長略優於預期 次季淨息差可能穩定
瑞銀發表評級報告指,建行(00939.HK)首季稅後淨利潤按年升0.3%至887億元人民幣,低於預期,惟與同業的利潤增長相符;收入按年升1%,略勝預期,主要是費用收入及交易利潤所推動。營業成本佔比按年升3%,而撥備前經營溢利增長大致上按年持平。
該行指,管理層預計淨利息收益率將呈「L」型的軌跡,淨息差下行壓力基本上已於首季反映,而淨息差或於次季起企穩。目前來看,淨息差反彈時機尚未明朗,要取決於經濟復甦力度和有關降低貸款利率的監管指令是否已結束。
該行給予建行目標價為5.6元,維持其評級為「買入」。(ca/u)
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