Market Brief

The articles are produced in Chinese only.

Author

趙俊邦先生 (Joseph Chiu)
助理經理

現任職輝立助理經理,投資股票經驗豐富。擅長期權及期貨倉位分析,誠意為客戶提供實戰應用策略或交流心得!
Phone:
22807380

2388 百年中銀‧與你同行

Wednesday, November 22, 2017 Views3875
管理層討論及分析
因應出售集友,本集團於簡要綜合收益表將集友的損益以已終止經營業務溢利列示,而比較資料亦相應重新列示。同時,於簡要綜合資產負債表將集友截至2016年12月31日的資產及負債,分別列示為待出售資產及待出售資產之相關負債。本《管理層討論及分析》中的若干比較數字已重新列示,以符合本期之列示形式。
 
本集團分別於2016年10月17日和2017年1月9日完成收購馬來西亞中國銀行(「中銀馬來西亞」)和中國銀行(泰國)股份有限公司(「中銀泰國」)股權的收購交割,並就該項受共同控制實體之合併,採用合併會計處理編製財務報表,而2016年之比較資料亦相應重新列示。
 
財務表現及狀況摘要
股東應佔溢利
‧ 2017年上半年本集團之股東應佔溢利為港幣172.16億元,其中持續經營業務之股東應佔溢利為港幣146.27億元,按年上升24.5%。已終止經營業務之股東應佔溢利為港幣25.89億元,主要是出售集友帶來的收益。
 
股東回報穩健
‧ 平均股東權益回報率為13.72%。持續經營業務的平均股東權益回報率為14.13%,按年上升2.35個百分點。
‧ 平均總資產回報率為1.33%。持續經營業務的平均總資產回報率為1.24%,按年上升0.12個百分點。
‧ 每股盈利為港幣1.6283元。每股中期股息為港幣0.545元,特別股息為每股港幣0.095元。
 
財務狀況
貸存比率處於健康水平
‧ 客戶貸款及客戶存款較2016年底分別增長12.9%及9.3%,增長幅度優於市場。貸存比率為66.78%,較2016年底的
64.66%上升2.12個百分點。
資本實力雄厚,支持業務增長
‧ 一級資本比率為17.66%,較2016年底下降0.03個百分點,總資本比率為21.76%。
流動性指標保持穩健
‧ 2017年第一季度及第二季度流動性覆蓋比率的平均值分別為121.41%及123.88%,遠高於監管要求。
 
主要經營指標
淨息差顯著提升
‧ 淨息差為1.62%,按年上升34個基點。
審慎控制成本,營運效率較佳
‧ 成本收入比率為26.17%,按年改善2.11個百分點,成本效益處於同業較佳水平。
資產質量良好,特定分類或減值貸款比率低於同業
‧ 特定分類或減值貸款比率為0.19%,遠低於市場平均水平。
 
建議買入價 - $37.5
目標價 - $41.15
十二個月目標價 - $50
止蝕 - $36.35
 
 
註:本人趙俊邦為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us