《大行報告》大和下調工行(01398.HK)目標價至5.9元 評級「買入」
大和發表研究報告指,截至2021年底,工商銀行(01398.HK)已完成資產管理新規的各項整改要求,表外資產的回歸並未影響其整體資產質量,同時旗下財富管理子公司自2019年以來,發展愈趨成熟,去年盈利表示令人滿意。
該行認為,工行理財子公司在豐富產品組合方面正面對兩大挑戰,包括現時投資者較喜愛不得贖回或有限贖回的長期投資產品,以及市場對股權型產品的投資能力。
大和表示,工行為少數幾家試點銷售養老理財產品的銀行之一,客戶群對長期理財產品接受度高,另外股權類產品目前佔理財業務總額約10%至20%,佔比預期持續上升,反映該行有能力應對挑戰。
在中資銀行中,工商銀行的綠色貸款規模最大,去年上半年底止達約2.2 萬億人民幣,當中約80%的綠色貸款用於清潔電力、基礎設施升級和生態保護,借款人多數是大型國有企業。大和指,工行在將環境因素納入貸款政策方面有長期經驗,亦是國內少數可參與國內外披露標準制定的中資銀行,相信將繼續受惠於綠色貸款業務發展。
大和將工行2021至2022年每股盈利預測上調13%至15%,以反映低於預期的淨息差及信貸成本,惟下調估值基礎,目標價由6元輕微下調至5.9元,重申「買入」評級。
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