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《績後》一文綜合券商在建行(00939.HK)公布業績後最新評級、目標價及觀點
建行(00939.HK)上周五(27日)收市後公布去年業績,今早(30日)低開1.7%後反覆向上,全日升近1.9%收8.24元,成交額39.16億元。美銀證券指,建行去年扣除額外一級資本債(AT1)發配前的純利按年升1%至3,389億元人民幣,符合該行預期。撥備前溢利按年升1.8%,高於該行預期1.5%。股本回率按年跌70點子至10.1%,普通股權一級資本比...
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《績後》一文綜合券商在建行(00939.HK)公布業績後最新評級、目標價及觀點
Recommend
51
Positive
90
Negative
64
 
 

建行(00939.HK)  +0.020 (+0.238%)    Short selling $407.30M; Ratio 27.861%   上周五(27日)收市後公布去年業績,今早(30日)低開1.7%後反覆向上,全日升近1.9%收8.24元,成交額39.16億元。美銀證券指,建行去年扣除額外一級資本債(AT1)發配前的純利按年升1%至3,389億元人民幣,符合該行預期。撥備前溢利按年升1.8%,高於該行預期1.5%。股本回率按年跌70點子至10.1%,普通股權一級資本比率按年升14點子至14.63%。派息比率大致穩定,每股派息按年跌3.5%至38.9分人民幣,A股及H股股息率分別為4.1厘及5.4厘。該行大致維持對建行今明兩年盈利預測,H股目標價由8.97元上調至9.12元,反映溫和的預測調整,對建行H股的投資評級由「中性」上調至「買入」,基於良好業績及股息。

建行去經營收入按年升1.7%至7,408.71億元人民幣,純利按年升1%至3,389.06億元人民幣;每股盈利1.3元人民幣。公司建議派發末期現金股息每股20.29分人民幣,全年每股股息38.87分人民幣,去年全年為40.3分人民幣。去年利息淨收入按年跌2.9%至5,727.74億元人民幣%;非利息淨收入按年升21.2%至1,680.97億元人民幣。其中手續費及佣金淨收入按年升5.1%至1,103.07億元人民幣。淨利息收益率按年收窄0.17個百分點至1.34%,成本收入比按年降0.14個百分點至29.44%,平均資產回報率0.79%,加權平均淨資產收益率10.04%。

建行截至去年底資本充足率19.69%,按年持平;一級資本充足率按年升0.26個百分點至15.47%,不良貸款餘額按年增加5.6%至3,639.82億元人民幣;不良貸款率按年降3點子至1.31%;關注類貸款佔比按年降12點子至1.77%。

【大摩:季績穩定為盈利溫和增長奠基礎】

摩根士丹利指,建行去年第四季業績符合該行及市場預期,預將為今年收入及盈利增長溫和反彈建立基礎。該行指,管理層指引今年新增貸款量穩定,意味按年增長約7%,且增長將可能在年初。加上淨利息收益率壓力下降,應推動今年淨利息收入增長。該行又指,管理層對今年費用收入健康增長有信心,結算、信託及資產管理收入領域為強項。尤其去年互惠基金費用收入按年升25%,財富管理產品銷售費按年升90%,部分受零售客戶基礎快速擴張,財富管理及私人銀行客戶雙位數,及零售資產管理規模按年增長11.7%所支撐。若一方面,管理層預期減費將繼續對今年費用收入帶來一些影響。該行給予建行「增持」評級,目標價9.9元。

【花旗;建行沒有股權稀釋風險具吸引力】

花旗指,建行去年第四季撥備前經營溢利按年升5%勝預期,對比交行(03328.HK)  +0.080 (+1.136%)    Short selling $41.60M; Ratio 38.637%   、工行(01398.HK)  +0.020 (+0.292%)    Short selling $315.05M; Ratio 26.609%   及郵儲行(01658.HK)  +0.020 (+0.407%)    Short selling $42.08M; Ratio 51.432%   分別按年減少1.1%至增長3.9%。季度盈利增長按年升2.2%,對比交行、工行及郵儲行分別按年增加1.7%至2.9%表現尚可,展望未來沒有股權稀釋風險,建行A股及H股今年股息率預測4.1及5.2厘具吸引力。該行又指,建行季度淨利息收益率按季增加1點子,融資成本按推算按季跌7點子,受惠持續的定存再定價及定期轉向活期,足夠抵銷資產收益率按季跌5點子負面影響有餘。季度交易收益仍表現強勁,按季及按年增長64%及100%,佔該季總營收的8.2%。截至季末的普通股權一級資本比率按季上升,受惠季度風險加權資產增長放緩,成本收益率有所改善,主因營收增長及營運支出下降。但建行季度貸款增長放緩,淨費用收入增長放緩,資產質素表現亦僅屬好壞參半。該行給予建行「買入」評級,目標價9.88元。

----------------------------------------------------------
本網最新綜合7間券商對其投資評級及目標價:

券商│投資評級│目標價
滙豐環球研究│買入│10.6元->10.7元
華泰証券│買入│9.81元->10.64元
瑞銀│買入│10.2元
摩根士丹利│增持│9.9元
花旗│買入│9.88元
美銀證券│中性->買入│8.97元->9.12元
高盛│買入│8.27元->9.01元

券商│觀點
滙豐環球研究│去年每股盈利優預期,但信貸成本上升
華泰証券│盈利增速改善帶動資本實力夯實
瑞銀│季績符預期,不良貸款及特別關注貸款比率改善
摩根士丹利│季度淨息差穩定,非利息收入增長健康,見今年盈利增長溫和反彈
花旗│季度撥備前經營利勝預期,受惠淨息差穩定及強勁交易利潤
美銀證券│業績穩固
高盛│季績符預期

(fc/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-01 16:25.)

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