繁
简
繁
|
简
Login
Securities(Cash/Margin)
Futures/Options
Asset Management
CPMS
About CFSG
Our Professional Teams
Media
Total Caring Organisation
Awards
Careers
Account Opening
Fees & Commissions
Forms & Documents
Fund & Stock Deposit/Withdrawal
FAQ
Contact Us
CASH Financial Services Group
Open Account
繁
|
简
Our Services
Our Services
Personal Services
Private Wealth Management
Asset Management
Institutional Wealth Management
Family Office
Integrated Account
Prime Wealth Management
Elite Wealth Management
Products
Securities
IPO Subscription
Funds
Money Market Fund
Bonds
Futures & Options
Prime Brokerage
HK Stock Investment Advisory
Support
Open Account
Trading Platform
Research
eDDA
HK Stock Margin Ratio
Exchange Rates
Protection Plans
Insurance
Retirement Planning
MPF
Overseas Properties
Canada
UK
Australia
Immigration & Education
UK
Canada
Hong Kong
Services
Discretionary Account
CPMS
CASH Prime Value Equity OFC
Support
Fund Manager Insights
Services
Business Finance
Secretarial Services
Bookkeeping and Statutory Compliance Services
Hong Kong and Mainland China Tax Services
Banking Services
Cash Management
Financial advisory
Group Insurance and Employee Benefits
Cross-selling with Pricerite
Personal Services
Private Wealth Management
Asset Management
Institutional Wealth Management
Family Office
Back
Integrated Account
Prime Wealth Management
Elite Wealth Management
Products
Securities
IPO Subscription
Funds
Money Market Fund
Bonds
Futures & Options
Prime Brokerage
HK Stock Investment Advisory
Support
Open Account
Trading Platform
Research
eDDA
HK Stock Margin Ratio
Exchange Rates
Back
Protection Plans
Insurance
Retirement Planning
MPF
Overseas Properties
Canada
UK
Australia
Immigration & Education
UK
Canada
Hong Kong
Back
Services
Discretionary Account
CPMS
CASH Prime Value Equity OFC
Support
Fund Manager Insights
Back
Services
Business Finance
Secretarial Services
Bookkeeping and Statutory Compliance Services
Hong Kong and Mainland China Tax Services
Banking Services
Cash Management
Financial advisory
Group Insurance and Employee Benefits
Cross-selling with Pricerite
Promotions
Customer Support
Open Account
Register at anytime and anywhere with three simple steps
Information
FAQ and useful information
Forms & Documents
Download forms and documents
Contact Us
Get in touch with us through different channels
About Us
Join Us
Customer Services
Customer Services
Open Account
Forms & Documents
Fees & Commissions
Fund & Stock Deposit/Withdrawal
FAQ
Contact Us
繁
|
简
Please be advised that CFSG has revised its Terms and Conditions effective on 13 May 2024. The latest version is CFSG Terms & Conditions - Version 20.
WhatsApp
Facebook
WeChat
基金經理觀點
> 正文
中國建設銀行基本面穩健且估值偏低 目標價5.6元
3/26/2024 1:49:57 PM
中國建設銀行(00939.HK)擁有亮麗的資產負債表和穩定的資金來源。去年銀行的波動比較大,今年內銀前景有望改善,對公司絕對有利。公司的個人金融業務佔整體收入52%,金融業務佔41%,而資金資管業務板塊佔大約5%。
公司存款業務強勁,且銀行負債只佔計息負債的中低位數,為行業中最低之一。同時,在同行之間,建行擁有最強的資本實力,資產質量穩定,撥備水平仍有進步空間;加上影子銀行風險相對較低,因此監管風險亦較低。雖然建行將為白名單房地產項目提供融資,且承諾提供的資金約為500億元人民幣,一定程度上限制了公司的貸款能力,但其整體資金流仍非常穩健,不良貸款覆蓋率充足。
建行將於3月28日公布去年業績。市場預期公司盈利增長率為3.2%,與去年相似。基於其穩健基本面和低估值,以紅利模型預測,假設股本成本率為13.5%,正常化股東權益報酬率(Return on Equity)為8.8%,建議目標價格為5.6港元,中長線投資者可考慮。
黃偉棠
時富時富金融研究部
於香港和美國金融服務業擁有超過20年豐富經驗,擅長於投資、基金管理、資產管理、股票研究等多個範疇。持有美國加州柏克萊大學和香港大學多個碩士及學士學位、亦為註冊會計師 (CPA)、特許金融分析師(CFA),以及大學高級講師。
Back to Top