一文了解券商於工行(01398.HK)公布季績後最新評級、目標價及觀點
工商銀行(01398.HK)今早股價向上,最新報4.48元上揚2.8%,美銀證券指內銀H股第三季純利呈復蘇,上季淨息差錄近四個季度以來首次錄得擴闊。工行上周五(30日)收市後公布第三季純利按年倒退4.7%至798.85億元人民幣,每股盈利0.22元人民幣,營業收入按年增長3.9%至1,979.01億元人民幣,利息淨收入按年增長1.6%至1,562.69億元人民幣,手續費及佣金淨收入按年倒退0.2%,營業費用按年增加1.6,資產減值損失按年增加40.7%至542.74億元人民幣。
工行9月底止核心一級資本充足率12.84%,低於去年底的13.2%。不良貸款餘額\較去年底增加452.74億元人民幣,不良貸款率1.55%(較去年底升0.12個百分點),撥備覆蓋率190.19%,下降9.13個百分點。工行今年首三季純利按年倒退9.2%至2,286.75億元人民幣,每股盈利0.64元人民幣,營業收入按年增長2.7%,資產減值損失按年增加30.5%至1,797.3億元人民幣。
【業績呈改善 注收入前景】
美銀證券指,內銀H股第三季純利呈復蘇,季內純利按年跌幅收窄至5%,對比第二季跌25%,顯示行業復蘇,並指上季淨息差按季擴闊3個基點,錄近四個季度以來首次錄得擴闊,基於內銀股估值僅市賬率0.5倍屬歷史低位,料內銀股未來6至12個月將呈復蘇,重申工行、農行(01288.HK)及光大銀行(06818.HK)為首選股。
匯豐環球研究表示,工行上季業績溫和正面,撥備前利潤增長加快,其成本效率及資本率均見改善,抵銷了手續費收入增長欠佳的影響,維持對其「買入」評級及目標價6.1元。高盛認為,工行第三季非利息收入按年升13%,成本收入比率按年跌1個百分點,導致撥備前溢利按年升5%,較第二季增長加4個百分點。工行第三季撥備亦按季減少,導致稅後盈利按年減少4%。該行維持工行「買入」評級,H股目標價每股6.69港元。
但摩根大通持相反看法。該行指工行基本業務趨勢仍弱,費用收入增長呆滯,遜於建行(00939.HK)的4%,且非利息收入增長主要由商品交易、派息收益及投資結餘帶動,可持續性成疑。資產質素亦持續轉差,不良貸款比率升5點子,不良貸款覆蓋率亦下跌4.5個百分點至190%。該行給予工行「中性」評級,目標價5港元。
本網最新綜合7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│6.9元
高盛│買入│6.69元
瑞信│跑贏大市│6.3元
美銀證券│買入│5.5元
瑞銀│買入│5.3元
摩根大通│中性│5元
海通國際│中性│4.8元->4.9元
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券商│觀點
匯豐環球研究│業績改善,但僅緩慢前進
高盛│撥備前溢利增長加速,重申「買入」評級
瑞信│具資產質量及高風險撥備優勢,較能應對經濟下行
美銀證券│盈利增長按季改善
瑞銀│盈利下跌收窄,但公平值收益勝同業
摩根大通│費用收入及資產質素表現令人失望
海通國際│淨費用收入疲弱,資產質量好壞參半
(fc/w)
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