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大行評級|星展:上調建設銀行目標價至7港元 第三季投資收益表現強勁
格隆匯 11-05 14:43
星展發表研報指,建設銀行第三季投資收益表現強勁,與其他國有銀行一致,建行成功扭虧上半年虧損,首三季盈利錄得0.7%增長,主要來自於外匯、債券和股市交投活躍的帶動。該行指出,建行截至9月底止首三季投資回報率為11%,在四大行中為最高,而且估值較低。 2025財年股息回報率預料超過7%,為四大行中最高。星展目前預測建行2023至2026年間盈利年均複合增長率達到約2%,略低於之前預期的2.7%。與同業一樣,相信建行今明兩年淨息差受壓,將其淨息差預測分別下調2個及4個基點。星展認為,建行的內房按揭貸款風險較其他銀行高,不過有信心中央出台的一系列措施可為樓市帶來支持,預期內地樓價將逐漸回穩,對建行股價有利,重申對建行的“買入”評級,目標價上調至7港元。
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