一文綜合券商於中行(3988.HK)公布季績後最新評級、目標價及觀點
中國銀行(03988.HK)今日午後股價靠穩。中金指中行上季業績符合預期,主要受其他非利息收入增長貢獻,指息差按季企穩,資產質量表現穩健。
中行上周五(29日)收市後公布至9月底止首三季業績,純利按年升12%至1,635.23億元人民幣,每股盈利為0.53元人民幣,營業收入按年升6%至4,558.97億元人民幣,其中淨利息收入按年升2%,手續費及佣金收支淨額按年升7%。中行截至今年9月底核心一級資本充足率為11.12%,較去年底跌0.16個百分點。一級資本充足率為13.03%。首三季淨資產收益率(ROE)11.57%。淨息差1.75%。中行今年首三季資產減值損失848.92億元人民幣,按年降12%。集團不良貸款總額2,005.02億元人民幣,不良貸款率1.29%,比上年末跌0.17個百分點,不良貸款撥備覆蓋率192.45%,比上年末升14.61個百分點。
單計第三季,中行純利按年升13%至507.1億元人民幣,每股盈利為0.17元人民幣。營業收入按年升7%至1,530.42億元人民幣,淨利息收入按年升2%至1,072.42億元人民幣,手續費及佣金收支淨額按年跌3%至170.58億元人民幣。
【業績符預期 淨息差企穩】
摩根大通指出,中行第三季業績好壞參半,雖然淨利潤勝預期,但收入及撥備前經營溢利增長為各國有銀行中最弱。該行指正面來說,中行資產質素維持穩定,撥備水平改善,亦相信海外銀行業務淨息差按季輕微上升,但海外業務的定息存款及費用收入縮減為主要令人失望之處。該行相信中行業務展望相對同業更佳,受惠海外業務恢復。該行維持對中行H股「增持」評級及目標價3.9元。
匯豐環球研究料,市場或對中行季度收入表現視為負面,因沒有撇除中銀香港(02388.HK)所帶來的影響,如淨息收入因美聯儲減息按年下跌等。該行考慮到中行較低的估值及市場對其較低預期,該行認為中行業績實為溫和正面。該行維持中行H股「買入」投資評級及目標價3.9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
花旗│買入│4.36元
摩根士丹利│增持│4.3元
中金│跑贏行業│4.06元
匯豐環球研究│買入│3.9元
摩根大通│增持│3.9元
瑞信│跑贏大市│3.5元
瑞銀│中性│2.7元
券商│觀點
花旗│季度撥備前溢利受交易收入推動,費用收入表現令人失望
摩根士丹利│稅後淨利增長健康,資產質素進一步改善,但存款基礎收縮
中金│季績符預期,國際化及綜合化發展加速推進
匯豐環球研究│若撇除中銀(02388.HK)影響,撥備前經營溢利及資產負債表實為更強勁
摩根大通│季績好壞參半,但展望較同業樂觀
瑞信│業績符合預期
瑞銀│核心盈利表現遜同業,受生息資產擴張緩慢及費用收入收縮拖累
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!
![](/hk/assets/image/code.84ab0b.png)
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.