一文了解券商於農行(01288.HK)公布業績後最新目標價及觀點
農業銀行(01288.HK)昨(29日)日公布截至今年中期業績後,今早股價靠穩,最新報2.68元升近0.4%。摩根士丹利表示農行今年第二季淨利息收益率收窄拖累收入及撥備前利潤表現,季純利按年升5.6%主要是信貸成本較低,資產質素保持穩定,維持「增持」評級及目標價3.8元。
農行公布今年上半年營業額3,657.94億元人民幣按年升0.7%。純利1,332.34億人民幣按年升3.5%,每股盈利0.37元人民幣。不派息。期內,淨利息收入2,904.21億人民幣,按年跌3.3%;手續費及佣金淨收入507.31億人民幣按年升2.5%;其他非利息收入246.42億人民幣,按年升82.1%。
上半年,淨利息收益率1.66%,淨利差1.49%,按年分別下降36個和37個基點。淨利息收益率和淨利差按年下降主要是由於受該行支持實體經濟以及個人住房貸款等存量資產持續重定價等影響,生息資產收益率下降;受市場環境影響,付息負債付息率上升。截至6月末,農行不良貸款餘額2,944億人民幣,較年初增加233億人民幣,不良貸款率1.35%,較年初下降0.02個百分點。貸款減值準備餘額8,969億人民幣,較年初增加767億人民幣,撥備覆蓋率304.67%,較年初上升2.07個百分點,貸款撥備率4.13%,較年初下降0.03個百分點。
【績後股價穩 淨息差收窄】
美銀證券發表報告表示,農行上半年淨利潤按年增長3.5%至1,332億人民幣,符合預期。惟核心盈利按年下降1.3%,按季下降1.8%。管理層預計,隨著2024年1月巴塞爾新規則的採用,一級資本比率將會上升,該行對農行股息政策具信心。該行將農行2023年2025盈利下調1%至5%,將H股目標價由3.7港元下調8%至3.4港元,因人民幣貶值及估計其股本回報率從10.5%微調至10.4 %,維持其「買入」投資評級。
摩根大通表示,農行第二季淨息差季收窄8個基點至1.62%,按半年計收窄至1.66%,管理層料淨息差於今年第三季會持續受壓,維持「中性」評級及目標價2.9元。
---------------------------------------------
下表列出7間券商對農行投資評級及目標價:
券商│投資評級│目標價(港元)
中銀國際│買入│4.61元->4.45元
摩根士丹利│增持│3.8元
美銀證券│買入│3.4元->3.7元
華泰証券│買入│3.57元
匯豐環球研究│買入│3.4元
瑞銀│中性│3.1元
摩根大通│中性│2.9元
券商│觀點
中銀國際│盈利增長穩定,資產質素改善
摩根士丹利│淨息差壓力拖累收入增長,資產質量保持穩定
美銀證券│中期業績符預期,淨息差承壓
華泰証券│息差降幅收窄,資產質量向好,信用成本下行
匯豐環球研究│淨利息收益率收窄拖累撥備前利潤表現
瑞銀│次季收入及純利略優預期
摩根大通│次季撥備前利潤受壓,信用成本下行支持盈利增長
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!

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.