中金招行(3968.HK)不良率显著改善令人惊喜维持“优于大市”评级
中金公司发表报告指,招商银行(3968.HK)公布今年上半年的业绩快报后,较为惊喜的地方是不良率指标显著改善,估计是由于银行存量坏帐陆续核销处置,同时不良新生成维持低位。
该行指,考虑到持续改善的资产质量,以及稳定的盈利表现,维持招行A、H股“优于大市”评级,H股目标价为51.3港元,而A股目标价则为45.2元人民币。
中金公司表示,招商银行第二季尾不良率按季大幅下降11个基点,自2016年以来连续10个季度下降;收入增速按季轻微下跌,符合预期。宽松的货币政策由资金市场价格传导至信贷市场,导致息差轻微下跌,市场对此亦已有充分预期。
该行指,银行第二季非利息收入按年下降0.3%,而首季则按年增长8.1%,可能因为第二季资本市场表现不及首季。
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