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一文了解券商於建行(00939.HK)公布中期業績後最新目標價及觀點
建設銀行(00939.HK)昨日(23日)收市後公布中期業績,今早股價靠穩。瑞銀表示建行上半年純利按年升3.4%,第二季純利按年升7.1%,較首季增速加快及優於該行預期,第二季淨利息收入按年近持平,淨利息收益率如預期收窄,資產質素保持穩定。 建行公布今年中期業績,經營收入3,881.55億元人民幣按年跌0.44%。純利1,673.44億人民幣按年升3.4%,勝本網綜合4間券商預測中位數1,645.68億人民幣;每股盈利0.67元人民幣。不派息。 建行上半年利息淨收入3,121.85億人民幣按年跌1.7%;淨利差按年收縮3點子至1.6%,淨利息收益率按年收窄至1.79%。手續費及佣金淨收入按年微跌升0.5%至706.01億人民幣。信用減值損失按年收縮7.6%至954.14億元。6月底止,不良貸款餘額3,166.36億人民幣,較上年末增加238.11億人民幣;不良貸款率1.37%,較上年末下降0.01個百分點。撥備覆蓋率244.48%,較上年末上升2.95個百分點。 【業績勝於預期 資產質量穩定】 匯豐環球研究發表報告表示,建行上半年每股收益增長穩健,貸款損失準備金和不良貸款覆蓋率略有改善,但企業貸款增速加快可能導致未來資產質量風險加大,指中期業績略為負面,維持建行「買入」評級,目標價6.8港元。 美銀證券表示,建行上半年純利升3.4%至1,673億人民幣,對比首季純利僅升0.3%,優於行預期,上半年股本回報率按年跌0.7個百分點至12.1%,決定下調對其2023年至2025年純利預測3至7%,降其目標價由7.05元降至6.3元,維持「買入」評級,儘涉管房地產不良貸款增加,但建行資產質量保持穩定。 -------------------------------------- 下表列出7間券商對建行投資評級及目標價: 券商│投資評級│目標價(港元) 美銀證券│買入│7.05元->6.3元 匯豐環球研究│買入│6.8元 野村│買入│5.81元 大和│買入│5.8元 摩根大通│增持│5.4元 高盛│買入│5.8元->5.14元 瑞銀│中性│4.5元 券商│觀點 美銀證券│業績鞏固 匯豐環球研究│上半年每股收益增長穩健,但企業貸款增速加快或導致未來風險加大 摩根士丹利│儘管收入增長持續面臨壓力,但次季利潤仍保持健康增長 野村│儘管非利息收入疲弱,但因減值損失令次季淨利潤好轉 大和│淨息差持續承壓力,較低信貸成本有助於促進利潤增長 摩根大通│第二季度淨利潤按年增長7%勝預期,估值具吸引力 高盛│業績符合預期 瑞銀│ 儘管收入和撥備前營業利潤增長未達標,但次季淨利潤增長仍勝預期
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