研报 | 中国银行股份有限公司(Bank of China):在四大国有银行中展现竞争优势

wechat omage

2019年7月12日

中国银行:3988HK
买入价:3.27港币 | 止损价:3.00港币
目标价:4.07港币 | 收盘价:3.24港币

 

摘要

中行公布,2019年一季度的净利润为510亿元人民币,同比增长4%。收入增长(同比增长12%) ,拨备前营业利润增长(同比增长13%) 依然强劲。

存款增长(环比增长5%) 保持强劲,尤其是来自国内的存款(环比增长7%),增长为四大国有行之最高。

健康的资产质量,2019年一季度,不良贷款率环比持平在1.42%,不良贷款覆盖率环比上升2.65个百分点,达到184.6%。
由于存款金额和成本的上升,净息差环比收缩了13个基点。

总体而言,我们对中行给予正面评级。因为中行的市盈率为4.7倍,市净率为0.54倍,而股息收益率为4.88%,这是沪深300指数,众银行股中表现最佳之一。

 

公司简介

中国银行是中国四大国有商业银行之一。尽管中国银行与其附属公司中国银行(香港)在法律上是独立的,但它们在管理和行政方面保持着密切的关系,并在包括转售中行的保险和证券服务等多个领域进行合作。

 

我们为什么喜欢中行:

收入和拨备前营业利润强劲增长。收入同比增长12%,主要收入驱动因素来自费用增长(同比增长7%),以及外汇交易带来的交易收益(同比增长422%)。成本管理得到改善,成本收益比同比下降62个基点,而环比下降了564个基点,支持拨备前营业利润同比增长13%,与中国工商银行持平(同比增长13%),高于中国农业银行(同比增长11%) 和中国建设银行(同比增长8%)。

与同业相比,国内存款增长最为强劲。存款环比增长5%,与四大国有银行平均增长5%持平,但国内存款环比增长7%,为四大国有行中最高。

健康的资产质量。不良贷款率环比持平在1.42%,中行的不良贷款率与建设银行的趋势相同,但却落后于农业银行(环比下降6个基点) 和工商银行(环比下降1个基点)。2019的一季度的不良贷款覆盖率环比上升2.65个百分点,达到184.6%。

 
 

令我们感到担忧的是

净息差环比收缩13个基点。净息差收缩可能是由于存款成本上升所致。存款环比增长5%,贷款环比增长4%,致使贷存比率环比收缩222个基点至80.2%。往后,存款的利用率和贷款占总资产的比例上升,应有利于净息差的发展趋势。

 
 

建议
总体而言,我们对中行持正面评级。因为中行的市盈率为4.7倍,市净率为0.54倍,而股息收益率为4.88%,这是沪深300指数,众银行股中表现最佳之一。

 

本文为英文翻译版本,仅供参考,一切请以英文版本为准。如果有想了解更多全球股市资讯,请关注微信公众共 “辉立资本新加坡” (SGPSPL)。同时提供在线免费开设股票账户,一个账户轻松交易美股,港股,新加坡股

 

联系我们开设账户

需要帮助吗?请分享您的详细资料,我们会给您答复。

IMPORTANT INFORMATION

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  

 

Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com