花旗:予工行(3988.HK)目標價7港元 評級“買入”
花旗發研報表示,雖然交易收入和貸款增長帶動中國工商銀行(3988.HK)第三季撥備前盈利上升,但該行淨息差及非利息收入表現仍然疲弱,預計季績對工行股價只有中性影響,予目標價7港元,投資評級為“買入”。花旗指出,工行首九個月撥備前盈利按年升6.7%,至4940億人民幣,税後盈利升10.6%至2518億人民幣。其中,撥備前盈利按年增速由第二季的8.5%加快至第三季的9.4%,主要得益於強勁的交易收入和穩健的貸款增長,但同期税後盈利增長卻由20.9%放緩至10.6%,主要因為貸款成本上升,而第三季的資產回報率和股本回報率分別升至1%和12.7%。
花旗預計,工行第三季淨息差收窄2點至2.08%,主要因為資產益率收縮,管理層預計工行未來淨息差將保持穩定,非利息收入按年微升0.3%,表現呆滯;貸存比率升至76.3%,因存款按季僅升0.9%,而貸款增長2.4%。不過,交易收入按年急升2.61倍至101億人民幣,成為亮點,不履約貸款比率亦按季下降2點至1.52%。
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