一表綜合券商對建行(00939.HK)於業績後最新目標價及觀點
建設銀行(00939.HK)今早股價偏淡，建行昨晚公布截至今年6月底止中期業績，純利1,541.9億元人民幣(下同)，按年升4.9%，近本網早前綜合6間券商預測，料其純利料介乎1,530.54億元至1,542億元之上限；每股盈利0.62元，不派息。券商普遍指建行中期業績大致符合預期，資產質素穩定，但指其第二季淨息收低於預期。
建行上半年經營收入3,443.87億元，按年升6.7%。實現利息淨收入2,504.36億元，按年增幅為4.57%。淨利差為2.12%，按年下降8個基點；淨利息收益率為2.27%，按年下降7個基點。非利息淨收入939.51億元，按年增幅為12.86%。手續費及佣金淨收入766.95億元，較上年同期上升11.15%。
今年上半年，建行減值損失747.86億元，按年增幅11.99%。不良貸款餘額2,080.69億元，較去年底增加71.88億元；不良貸款率1.43%，較去年底降0.03個百分點。
【資產呈穩健 淨息差遜色】
大和表示，建行中期業績好壞參半，指其第二季息收輕微低於預期，重申對其「買入」投資評級，將目標價由8.4港元降至8港元，調低對其2019年至2021年每股盈利預測介乎3至6%。高盛則指建行上半年淨利潤增長高於該行預期，業績呈現穩定增長，並業務繼續如期推進，主要受惠於撥備前營業利潤持續改善、撥備穩定增長(其第二季按年僅升5%，對比首季升14%)，其業績表現高質素，其第二季股本回報率達到15.5%，不良貸款撥備覆蓋率217.5%。該行維持對建行「買入」投資評級，目標價9.6港元。
摩根士丹利指出，建行今年第二季業績大致符合該行及市場預期，手續費收入穩定，但淨息差存壓力。該行指，建行次季淨息差按季收窄4個基點至2.25%，主要是由於存款成本持續上升、及市場低迷導致證券投資和銀行間拆借收益率下降所致。在宏觀不確定性的情況下，企業貸款便利化基本得到控制，料建行貸款增長保持穩健，該行維持建行「增持」投資評級，目標價8.4港元
本網最新綜合8間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
高盛│買入│9.6元
匯豐環球研究│買入│8.8元
摩根士丹利│增持│8.4元
花旗│買入│8.29元
大和│買入│8.4-8元
美銀美林│買入│7.9元
摩根大通│增持│7.7元
海通國際│8.4-7.1元券商│觀點
高盛│淨利潤增長勝預期，淨資產收益率強勁
匯豐環球研究│資產質量穩健，一級資本充足率高於同業
摩根士丹利│手續費及佣金淨收入穩定帶動營業收入上升
花旗│淨息差和存款持續存在壓力，資產質量仍然穩健
大和│淨息差略低於預期，資產質量保持穩定
美銀美林│上半年業績穩步增長
摩根大通│淨息差收窄超預期，惟存款增長偏低
海通國際│資產質量穩健及手續費增長強勁，緩解淨息差壓力
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