《大行報告》大華繼顯微降建行(00939.HK)目標價至6元 第三季業績符預期
大華繼顯發表報告指,建行(00939.HK)第三季盈利按年增長2.6%,大致符合該行預期,雖然收入倒退,但減值損失減少24%,首三季盈利2,555億元人民幣,相當於該行全年預測的75%。
報告指,建行第三季經營收入按年下跌2.1%,主要因為淨息差收窄30點子,費用收入倒退1.3%,淨息差收窄的壓力緩和,第三季按季跌7點子,對比第二季的8%跌幅略為收窄,據該行計算,資產回報率下跌5點子至3.34%,主要因為貸款市場報價利率(LPR)及市場利率下跌,而資金成本比率上升。
該行將今年至2025年三年期間的盈利預測,分別下調1%、4.2%及5.2%,目標價由6.1元輕微下調至6元,反映明年預測市賬率0.43倍,維持「買入」評級。
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