一文了解券商於工行(01398.HK)公布季绩後最新评级、目标价及观点
工商银行(01398.HK)今早股价向上,最新报4.48元上扬2.8%,美银证券指内银H股第三季纯利呈复苏,上季净息差录近四个季度以来首次录得扩阔。工行上周五(30日)收市後公布第三季纯利按年倒退4.7%至798.85亿元人民币,每股盈利0.22元人民币,营业收入按年增长3.9%至1,979.01亿元人民币,利息净收入按年增长1.6%至1,562.69亿元人民币,手续费及佣金净收入按年倒退0.2%,营业费用按年增加1.6,资产减值损失按年增加40.7%至542.74亿元人民币。
工行9月底止核心一级资本充足率12.84%,低於去年底的13.2%。不良贷款余额\较去年底增加452.74亿元人民币,不良贷款率1.55%(较去年底升0.12个百分点),拨备覆盖率190.19%,下降9.13个百分点。工行今年首三季纯利按年倒退9.2%至2,286.75亿元人民币,每股盈利0.64元人民币,营业收入按年增长2.7%,资产减值损失按年增加30.5%至1,797.3亿元人民币。
【业绩呈改善 注收入前景】
美银证券指,内银H股第三季纯利呈复苏,季内纯利按年跌幅收窄至5%,对比第二季跌25%,显示行业复苏,并指上季净息差按季扩阔3个基点,录近四个季度以来首次录得扩阔,基於内银股估值仅市账率0.5倍属历史低位,料内银股未来6至12个月将呈复苏,重申工行、农行(01288.HK)及光大银行(06818.HK)为首选股。
汇丰环球研究表示,工行上季业绩温和正面,拨备前利润增长加快,其成本效率及资本率均见改善,抵销了手续费收入增长欠佳的影响,维持对其「买入」评级及目标价6.1元。高盛认为,工行第三季非利息收入按年升13%,成本收入比率按年跌1个百分点,导致拨备前溢利按年升5%,较第二季增长加4个百分点。工行第三季拨备亦按季减少,导致税後盈利按年减少4%。该行维持工行「买入」评级,H股目标价每股6.69港元。
但摩根大通持相反看法。该行指工行基本业务趋势仍弱,费用收入增长呆滞,逊於建行(00939.HK)的4%,且非利息收入增长主要由商品交易、派息收益及投资结余带动,可持续性成疑。资产质素亦持续转差,不良贷款比率升5点子,不良贷款覆盖率亦下跌4.5个百分点至190%。该行给予工行「中性」评级,目标价5港元。
本网最新综合7间券商对其投资评级及目标价:
券商│投资评级│目标价(港元)
汇丰环球研究│买入│6.9元
高盛│买入│6.69元
瑞信│跑赢大市│6.3元
美银证券│买入│5.5元
瑞银│买入│5.3元
摩根大通│中性│5元
海通国际│中性│4.8元->4.9元
------------------
券商│观点
汇丰环球研究│业绩改善,但仅缓慢前进
高盛│拨备前溢利增长加速,重申「买入」评级
瑞信│具资产质量及高风险拨备优势,较能应对经济下行
美银证券│盈利增长按季改善
瑞银│盈利下跌收窄,但公平值收益胜同业
摩根大通│费用收入及资产质素表现令人失望
海通国际│净费用收入疲弱,资产质量好坏参半
(fc/w)
~
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.