一文綜合券商於建行(00939.HK)公布去年業績後最新觀點及目標價
建設銀行(00939.HK)今早股價靠穩,最新報5.81元升1%。摩根士丹利發表告表示,建行去年盈利及核心業務穩健增長,股息收益率達8%勝預期,料建行去年第四季淨息差擴闊6個基點,顯示建行今年淨息差表現可望穩定,重申對其「增持」評級及目標價8.8元。
建行昨日(29日)收市後公布2021年度業績,錄得純利3,025.13億人民幣按年增長11.6%,每股收益1.19元人民幣。每股末期息派36.4分人民幣,上年同期派32.6分人民幣。平均資產回報率1.04%。建行單計去年第四季度錄純利703.6億人民幣按年增長7.9%,按季倒退10.8%。
建行2021年經營收入7,647.06億人民幣增長7.1%。利息淨收入6,054.2億人民幣增加5.1%;淨利息收益率2.13%,淨利差1.94%,分別下降0.06及0.1個百分點。手續費及佣金淨收入1,214.92億人民幣增加6%,對經營收入比率下降0.5個百分點至15.89%。截至去年12月底止不良貸款率1.42%,下降0.14個百分點。
【去年盈利勝預期 上季淨息差改善】
瑞銀發表報告表示,建行去年第四季盈利按年增長7.9%,略低於預期,低於中銀保監季度披露的10%左右的大型國有銀行的平均水平。全年業績來看,建行旗下強勁的投資收益推動去年收入增長,但營運成本顯著上升,該行維持對建行「買入」投資評級,目標價6.7港元。
摩根大通表示,建行去年第四季業績大致符合預期,盈利按年增長8%略於該行原預期3%,收入按年升8%符預期,並指上季淨息差按季擴闊6個基點,指其資本比率仍然強勁。
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下表列出5間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
摩根士丹利│增持│8.8元
野村│買入│8.45元
摩根大通│增持│8元
美銀證券│買入│7.55元
瑞銀│買入│6.7元
券商│觀點
摩根士丹利│去年盈利及核心業務穩健增長,股息收益率達8%勝預期
野村│受強勁投資收益和較低撥備推動,去年第四季盈利增一成表現理想,全年淨息差穩定
摩根大通│去年第四季收入和利潤增長符預期,淨息差表現勝預期
美銀證券│盈利勝預期及股息回報吸引
瑞銀│強勁投資收益推動去年收入增長,惟去年第四季盈利略遜預期及營運成本顯著上升
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