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《大行報告》中金:工行(01398.HK)首季業績略低於預期
阿思達克 05-02 15:07
中金報告指出,工行(01398.HK)首季營收及淨利潤分別按年跌1.1%及增加0.5%,收入表現符合該行預期,惟後者增速略低於該行預期,主要是成本有所提升。該行提到,集團首季營收降幅收窄,利潤增速按季回升;基建推動信貸高增長。該行引述管理層表示3月貸款定價水平有所回升,該行預計後續隨著貸款定價企穩以及負債端壓力緩解,息差下行趨勢有望緩解。 該行指,考慮到宏觀經濟不確定性,輕微下調公司2023/2024年盈利預測1.9%及2%,至分別3,752億元及3,987億元人民幣。當前H股股價對應2023/2024年0.4倍/0.3倍市淨率。H股維持「跑贏行業」評級和目標價4.85元。
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