一文了解券商於建行(00939.HK)公布季绩後最新评级、目标价及观点
建设银行(00939.HK)早市股价走低0.8%收6.4元。建行昨(28日)收市後公布首季业绩，纯利831.15亿人民币，按年升2.8%，每股收益33分人民币。年化加权平均净资产收益率14.42%，跌0.67个百分点。季内经营收入1,953.5亿元人民币，升4.8%。其中利息净收入1,471.48亿元人民币，升4.3%；净利差1.96%，净利息收益率2.13%，分别跌0.14及0.13个百分点。手续费及佣金净收入410.79亿元人民币，按年升8.8%。
建行首季减值损失522.63亿元人民币，增加30.96亿元人民币。其中信用减值损失522.84亿元人民币，增加6.4%。截至3月止不良贷款额2,742.53亿元人民币，较年初增加135.24亿元人民币；不良贷款率维持1.56%。拨备覆盖率214.94%，上升1.35个百分点。
【业绩符预期 资产质素稳】
高盛指，建行季绩符合市场预期，净利息收入增长4%，表现稳定，费用收入则上升近9%，信贷成本按年跌0.2个百分点，且有足够风险缓冲。该行料建行盈利将於次季开始释，基於去年同期低基数，与及对今年上半年纯利按年升8.3%的预测，意味建行次季纯利可望增长16%。该行维持对建行「买入」评级，H股目标价为9.55元。
摩根士丹利指，建行首季延後按揭息率下调，影响净利差及拨备前经营溢利增长，但健康的费用收入及稳定的信贷质量支持盈利增长。该行料建行未来数季净利差及盈利增长将会加快，基於去年第二季的低基数。该行给予建行「增持」评级，H股目标价7.3元。
中金公司指，建行首季业绩符预期，费用收入及纯利增长较去年全年加快，其中首季费用收入增长加快5.5个百分点，纯利增长亦加快1.2个百分点。拨备增长则因去年高基数效应而减速9.8个百分点。该行亦指，建行不良贷款比率按季持平至1.56%，现有资产质素维持稳定。拨备覆盖率亦稳定地改善，按季升1.4个百分点至214.9%，拨备与信贷比率按季持平至3.3%。该行给予建行「跑赢行业」评级，H股目标价10.17元。
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本网最新综合9间券商对其投资评级及目标价：
券商│投资评级│目标价
中金公司│跑赢行业│10.17元
高盛│买入│9.55元
花旗│买入│9.11元
摩根大通│增持│8.8元
杰富瑞│买入│8.14元
瑞银│买入│8.1元
瑞信│跑赢大市│8元
野村│买入│7.74元
摩根士丹利│增持│7.3元
券商│观点
中金公司│盈利增长反弹，资产质素稳定
高盛│季绩稳定，料盈利次季开始释放
花旗│首季税後溢利增长受净利差收窄及成本上升影响
摩根大通│拨备前经营溢利受净利差及经营成本上升拖累
杰富瑞│业绩符预期
瑞银│首季盈利增长逊预期，但第二及第三季转强
瑞信│净利润符预期，在稳定复苏轨道
野村│费用收入恢复，资产质素稳定
摩根士丹利│首季净息差及拨备前经营溢利受压，但料未来反弹
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