-- 杰富瑞周一在一份报告中指出，澳大利亚国民银行（ASX：NAB）公布了令人失望的半年业绩，并表示该行面临日益上升的资产质量风险。报告同时指出，需求依然强劲，成本控制得当。 该行公布的2026财年上半年现金收益为26.4亿澳元，同比下降26%，低于杰富瑞此前3%的预期。 这家投资公司将NAB 2026财年和2028财年的每股收益预期下调了1%，理由是流动资产收益下降以及潜在贷款损失的减值准备增加，尽管利润率的提高部分抵消了这些不利影响。 杰富瑞表示，在宏观经济环境不明朗的情况下，投资者对该行在中小企业（SME）方面的风险敞口感到担忧。此外，NAB拨备的不良贷款拨备也高于同行，这使其回报率下降了1%以上。 然而，该券商仍然认为NAB的风险回报比具有吸引力。尽管近期股价表现不佳，但预计下半年利润率将有所改善。 杰富瑞维持对澳大利亚国民银行的“买入”评级，但将目标价从47.73澳元下调至46.98澳元。
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