港股研报

China Construction Bank(00939.HK)1-3Q14 Earnings Growth in Line

时间:2014-10-26 09:08  作者:新乡股票网  来源:www.xxkaihu.com  查看:  
内容摘要:Earnings growth was in line. The 1-3Q14 results were in line with our expectation, equivalent to 82.3% of our wholeFY14 forecast. In 1-3Q14, the Company recorded operating income of RMB 415.4 bn, up 9.6% YoY. Of which, netinterest income a...
    Earnings growth was in line. The 1-3Q14 results were in line with our expectation, equivalent to 82.3% of our wholeFY14 forecast. In 1-3Q14, the Company recorded operating income of RMB 415.4 bn, up 9.6% YoY. Of which, netinterest income achieved RMB 323.2 bn, up 12.8% YoY. Due to the regulator's requirement to cut services fee, the YoYgrowth of net fee income slowed down from 8.4% in 1H14 to 4.6% in 1-3Q14. The Company's net profit attributable toshareholders was RMB 190.3 bn in 1-3Q14, up 7.8% YoY.
    NIM expanded YoY, and expenses control strengthened. The NIM expanded 9 bps YoY to 2.80%, which was flat tothat of 1H14. As the PBOC strives to cut social financing costs, we expect the Company's NIM to contract QoQ in 4Q14.The Company's cost-to-income ratio stumbled 0.3 pts YoY to 25.2%, which showed the Company strengthened theexpenses control.
    NPL ratio continued to climb. The Companyˇs NPL ratio was 1.13%, up 14 bps YTD, which washigher-than-expected. The main reason was that the Company consolidated Banco Industrial e Commercial S.A ofBrazil in 3Q14. After the removal of this factor, the Company's NPL ratio was 1.07%, in line with our expectation. TheNPL coverage ratio declined 33.8 pts YTD to 234.5% as of 30 Sept. 2014, which was still higher than the regulatorsˇrequirement significantly.
    The capital base was still strong. Core Tier-1 CAR and CAR were 11.7% and 14.5%, up 0.4 pts and 0.8 pts YTDrespectively, which showed the Company had better internal capital formation capability and the capital base was stillstrong.
    Maintain the "Accumulate" rating unchanged. Considering the current context of decreasing social financing costsand declining banks' services fee, we kept our earnings forecast unchanged. Considering the Chinese governmentˇsslightly accommodative monetary policy to cope with the increase of potential economic declining pressure in the rest ofthe year, we maintain the TP at HK$6.76 and the ¨Accumulate〃 rating unchanged.


新乡股票网开户范围: 牧野区 卫辉市 凤泉区 红旗区 卫滨区 新乡县 长垣县 封丘县 延津县 原阳县 获嘉县 辉县市

业务范围覆盖:股票(A股、B股)、基金、债券、融资融券、三板、股指期货、商品期货、限售股解禁、港股、美股、国际期货等!

新乡股票网为您提供:最近的证券交易所,免费股票开户,全市最低股票交易手续费、最低股票佣金!欢迎咨询!

新乡证券公司办理新乡股票开户,新乡期货开户业务首选网站

开户咨询QQ957455501

豫ICP备14022444号