《大行報告》匯豐研究下調建行(00939.HK)目標價至6.3元 盈利穩定惟淨息差收窄
匯豐研究發表報告指,建設銀行(00939.HK)首三季基本每股收益達1.02元人民幣,按年增長2.6%,達到匯研及市場對其全年度預期的79.4%及76.2%。
該行指出,由於信貸成本下降,建行第三季每股收益表現具韌性。每股收益及資本比率均穩固,為建行全年度派息帶來確定性,但淨利差收窄幅度較預期大,並預期建行收入可能仍面臨壓力。
匯豐研究認為建行第三季的業績好壞參半,每股收益及核心一級資本充足率均增強市場對建行派息信心,但同時當局對財富管理相關費用的不利監管,亦為未來收入前景蒙上陰影。因應最新業績表現,匯豐研究將建行2023至2025年各年盈利預測下調1.1%、3.5%及3.7%,維持H股「買入」評級,H股目標價由6.8元下調至6.3元。
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