一表综合券商对建行(00939.HK)於业绩後最新目标价及观点
建设银行(00939.HK)今早股价偏淡，建行昨晚公布截至今年6月底止中期业绩，纯利1,541.9亿元人民币(下同)，按年升4.9%，近本网早前综合6间券商预测，料其纯利料介乎1,530.54亿元至1,542亿元之上限；每股盈利0.62元，不派息。券商普遍指建行中期业绩大致符合预期，资产质素稳定，但指其第二季净息收低於预期。
建行上半年经营收入3,443.87亿元，按年升6.7%。实现利息净收入2,504.36亿元，按年增幅为4.57%。净利差为2.12%，按年下降8个基点；净利息收益率为2.27%，按年下降7个基点。非利息净收入939.51亿元，按年增幅为12.86%。手续费及佣金净收入766.95亿元，较上年同期上升11.15%。
今年上半年，建行减值损失747.86亿元，按年增幅11.99%。不良贷款余额2,080.69亿元，较去年底增加71.88亿元；不良贷款率1.43%，较去年底降0.03个百分点。
【资产呈稳健 净息差逊色】
大和表示，建行中期业绩好坏参半，指其第二季息收轻微低於预期，重申对其「买入」投资评级，将目标价由8.4港元降至8港元，调低对其2019年至2021年每股盈利预测介乎3至6%。高盛则指建行上半年净利润增长高於该行预期，业绩呈现稳定增长，并业务继续如期推进，主要受惠於拨备前营业利润持续改善、拨备稳定增长(其第二季按年仅升5%，对比首季升14%)，其业绩表现高质素，其第二季股本回报率达到15.5%，不良贷款拨备覆盖率217.5%。该行维持对建行「买入」投资评级，目标价9.6港元。
摩根士丹利指出，建行今年第二季业绩大致符合该行及市场预期，手续费收入稳定，但净息差存压力。该行指，建行次季净息差按季收窄4个基点至2.25%，主要是由於存款成本持续上升、及市场低迷导致证券投资和银行间拆借收益率下降所致。在宏观不确定性的情况下，企业贷款便利化基本得到控制，料建行贷款增长保持稳健，该行维持建行「增持」投资评级，目标价8.4港元
本网最新综合8间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
高盛│买入│9.6元
汇丰环球研究│买入│8.8元
摩根士丹利│增持│8.4元
花旗│买入│8.29元
大和│买入│8.4-8元
美银美林│买入│7.9元
摩根大通│增持│7.7元
海通国际│8.4-7.1元券商│观点
高盛│净利润增长胜预期，净资产收益率强劲
汇丰环球研究│资产质量稳健，一级资本充足率高於同业
摩根士丹利│手续费及佣金净收入稳定带动营业收入上升
花旗│净息差和存款持续存在压力，资产质量仍然稳健
大和│净息差略低於预期，资产质量保持稳定
美银美林│上半年业绩稳步增长
摩根大通│净息差收窄超预期，惟存款增长偏低
海通国际│资产质量稳健及手续费增长强劲，缓解净息差压力
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