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大行評級|高盛:預計內銀盈利將在第一季持續疲弱
格隆匯 04-19 15:01

高盛發表研究報吿指,預計首季所覆蓋內銀的平均撥備前利潤將按年下跌5%,而淨利潤則平均上升1%。該行預計,由於淨息差疲弱及貸款增長放緩,內銀盈利將在第一季持續疲弱。雖然宏觀環境充滿挑戰,但撥備發放仍將持續推動淨利潤增長,而隨着內銀持有更多政府債券,風險加權資產(RWA)的密度將進一步降低。

該行提到,建行的資產負債表相對於同行更為強勁,從而可維持穩定派息,予其“買入”評級,目標價由4.62港元上調至5.19港元;招商銀行雖然有可能持續派息,但其全面估值和收入增長仍面對挑戰,予“中性”評級,目標價由31.62港元降至30.83港元。

另外,高盛指,寧波銀行的股息收益率較低,但每股盈利可能高於同行,而且其撥備前利潤增長仍領先同行,評級為“買入”,目標價由30.68元下調至26.7元人民幣;興業銀行的信貸損失存在不確定因素,予“沽售”評級,目標價由11元調低至10.8元人民幣。

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