《大行報告》瑞信:建行(00939.HK)季績符預期 輕微下調全年盈利增長預測
瑞信發表研究報告指,建設銀行(00939.HK)今年首季淨利潤按年增長6.8%,基本符合預期,增幅在四家國有銀行中排名第三。
首季收入按年增長2.5%,淨利息收入增長8.4%,勝預期,主要來自於期內淨利息收益率上升至2.15%,以及淨利差按年持平於1.96%。瑞信表示,相信建行為四大行中唯一一家首季淨利息收益率錄得按年增長的銀行。
期內貸款及存款水平均較去年底有所增長,資產質量保持穩定,不良貸款率按季下降至1.4%,不良貸款覆蓋率則升至246%。管理層表明,並不擔心貸款需求,認為疫情緩解時企業需求及零售需求將復甦。
考慮到降準、存款利率變化和虧損撥備放緩,瑞信將下調2022年每股盈利預測下調0.2%至1.26元人民幣,以反映經濟放緩帶來的挑戰,並將2023至2024年每股盈利預測分別上調0.1%及0.3%,維持「跑贏大市」評級及目標價8元不變。
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