《大行報告》瑞銀降工行(01398.HK)評級至「中性」 目標價下調至4.3元
瑞銀發表報告,預期由於淨息差壓力和疲軟的費用收入令工商銀行(01398.HK)今年的撥備前經營利潤疲弱,預期該行今年淨利潤有中至高單位數增長。瑞銀認為,工行股價欠缺上升動力,或會保持區間波動,因此將該行目標價由6.5元下調至4.3元,評級由「買入」下調至「中性」。
瑞銀認為,在政策利率下行及貨幣寬鬆下,將工行淨利息收入預測下調3%,預料淨息差將在下半年較溫和地收窄。瑞銀估計,工行的撥備支出會減少,將工行稅後淨利潤預測上調1.8%,在經營環境穩定下,預計股息率會維持中等水平。
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