一表了解大行對中行(03988.HK)季績後最新目標價及觀點
中國銀行(03988.HK)今早股價靠穩，券商對其上季淨息差擴闊感正面，中行昨日(30日)收市後公布季度業績，首三季純利按年增長4.1%至1,595.79億元人民幣，每股收益0.52元人民幣。期內營業收入按年增長10.9%至4,168.57億元人民幣，淨利息收入按年增長5.1%至2,778.2億元人民幣，手續費及佣金收支淨額按年增長4.5%。平均總資產回報率(ROA)1.04%，按年下降0.03個百分點。淨資產收益率(ROE)13%，按年下降0.7個百分點。核心一級資本充足率為11.24%，一級資本充足率為13.02%，資本充足率為15.51%。
【淨息差擴闊 股本回報降】
單計第三季，中行純利按年增長3%至455.31億元人民幣。每股收益0.14元人民幣。營業收入按年增長12.7%至1,401.69億元人民幣，淨利息收入按年增長4.7%至961.36億元人民幣，手續費及佣金收支淨額按年增長3.6%至210.52億元人民幣。
【不良率呈下降 憂增長持續性】
花旗認為，中行第三季業績大致延續第二季趨勢，按季淨息差表現勝同業，費用收入表現平淡，交易溢利及其他經營收益仍為撥備前經營溢利的主要推動力，使該行質疑中行業績增長的可持續性。
而匯豐環球研究認為，中行第三季業績好壞參半，負面大致抵銷正面。從正面看，淨息差擴闊，不良貨款比率下降；從負面看，成本效益溫和下降及核心一級資本充足率上升遜同業。花旗及匯豐環球研究均予中行「買入」評級，目標價分別為4.45及4.7元。
本網最新綜合6間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
匯豐環球研究│買入│4.7元
瑞銀│買入│4.6元
花旗│買入│4.45元
摩根士丹利│與大市同步│4.1元
摩根大通│增持│3.9元
里昂│跑贏大市│3.4元券商│觀點
匯豐環球研究│業績好壞參半
瑞銀│季度純利增長放緩，淨息差表現勝同業
花旗│淨息差為亮點，非核心收入支撐撥備前經營溢利
摩根士丹利│淨息差擴闊及資產質量改善，但存款及費用收入增長疲弱
摩根大通│收入及撥備前經營溢利加速增長為主要正面訊息
里昂│上季淨息差按季擴闊
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
