大行評級|建銀國際:內銀為全球市場動盪中的安全避風港 首選工行
建銀國際表示,內銀在強勁的股息支持下,成為全球市場動盪中的安全避風港,首選工行。工行在大型銀行中提供最具韌性的股息收益率。依據其穩健的資產負債表、充裕的流動性、強大的減值準備金以及資本充足率,在當前不確定的時期是一個安全的避風港。建銀國際預計內銀在2025和2026財年的利潤將實現按年3%增長。在微調模型後,對2025財年的盈利預測基本保持不變,但將2026財年的盈利預測下調2%,同時對撥備前經營溢利和減值損失的預測也進行了小幅削減。在手續費收入增長持平的背景下,預計交易收入將有所增加,且減值損失將穩步下降,這在一定程度上抵消淨息差收窄的影響。
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