野村:维持工商银行(1398.HK)6.38港元目标价 评级买入
野村发表研究报告指,受到较高的营运开支和疲弱手续费拖累,工商银行(1398.HK)今年首季盈利按年增长1.5%,而信贷成本进一步变得稳定。野村维持工行目标价6.38港元,以及买入评级。
野村表示,工行首季拨备前利润按年升2.7%,而营业收入录得稳定增长,按年升3.8%,但被按年增长8.7%的营运开支抵销。净利息收入按年升3.5%,净投资收入升37.6%,而净手续费收入增长仍然欠惊喜。
该行指,银行信贷成本回稳至0.71%,资产质素维持稳定,不良贷款率按季持平于1.58%,不良贷款覆盖率按季改善至183.22%。下行风险包括不良贷款表现及净息差表现差过预期。

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 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. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.