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一文了解券商於中行(03988.HK)公布業績後最新目標價及觀點
中國銀行(03988.HK)上周三(8月30日)公布今年中期業績,股東應佔稅後利潤達1,200.95億元人民幣按年升0.8%;每股盈利37分。不派中期息。中金表示,中行中期業績基本符合預期,指營收增速繼續領跑同業,上半年營收增速較首季度略降,但仍為六大行中最快。外幣資產息差貢獻略降,二季度美歐存款利率走高導致外幣負債成本有所上升,外幣息差較一季度有小幅收窄,對集團整體淨息差貢獻減少;展望下半年,中行預計隨著美聯儲加息接近尾聲,外幣息差改善空間可能面臨一定壓力。後續公司計劃通過加強人民幣負債管理、提升貸款在資產比重、加大外幣貸款投放穩定息差。 中行中期營業收入為3,197.07億人民幣按年升8.9%。實現淨利息收入達2,339.92億人民幣升4.8%。非利息收入為857.15億人民幣增長22.2%;當中手續費及佣金收支463.76億人民幣增長4.3%。上半年集團淨息差為1.67%,較去年同期下降9個基點。其中資產平均收益率上升32個基點。貸款減值準備餘額於6月底止為4,651.08億元,比上年底止增加278.67億人民幣。集團不良貸款餘額2,468.82億人民幣,不良貸款率1.28%,不良貸款撥備覆蓋率188.39%。 【業績符預期 淨息差收窄】 美銀證券上周四(31日)發表報告表示,中行上半年核心盈利按年增長5.7%強勁,屬同業中最高,股本回報率按年跌1個百分點至10.3%,決定下調對其目標價由4.02元降至3.66元,因對其估值預測延伸至按2023年至2024年及反映人民幣貶值因素。 海通國際上周四(31日)發表報告表示,中行上半年淨息差為1.67%,較首季收窄3個基點,決定調整對中行2023年至2025年每股盈利預測各至0.75、0.81及0.85元人民幣,調低對其目標價由3.6元至3.26元,維持「優於大市」評級。 --------------------------------------------------- 下表列出11間券商對中行於公布業績後的投資評級及目標價: 券商│投資評級│目標價(港元) 花旗│買入│4.38元 瑞銀│買入│3.9元 匯豐環球研究│買入│3.8元 廣發證券│買入│3.8元 美銀證券│買入│4.02元->3.66元 中信証券│增持│3.5元 中金│跑贏行業│3.4元 海通國際│優於大市│3.6元->3.26元 野村│中性│3.14元 摩根大通│中性│2.95元 高盛│中性│2.83元 券商│觀點 花旗│次季盈利令人失望,因信貸成本較高 瑞銀│次季純利增長輕微低於大型同業,淨息差略低於預期 匯豐環球研究│上半年淨息差受壓拖累每股盈利增長 廣發證券│計息負債成本上升,拖累息差持續收窄 美銀證券│中期盈利增長遜預期,將其2023至2025年盈利預測下調5%至11% 中信証券│上半年核心盈利增長穩健,營收增長跑贏同業 中金│營收增長持續跑贏同業,外幣資產息差貢獻略降 海通國際│淨息差持續受壓,不良貸款率按季上升 野村│次季盈利增長略遜預期 摩根大通│次季業績好壞參半,純利按年增速放緩遜預期 高盛│淨息差疲弱
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