瑞银招行(3968.HK)次季盈利略胜预期维持“中性”评级
瑞银发表研究报告,提到招行(3968.HK)第二季税后净利润录254亿元人民币,按年增长14.9%,略高于该行预期,主要是受惠于有效税率降低。然而收入增速放缓至7.3%,主要是受到非利息收入缩减所拖累,而净利息收入则仍保持强劲。
该行续指,虽然初步披露的报表并没有提供更多细节,但估计非利息收入表现疲弱,或可归因于财富管理产品相关业务的毛利率减少;信用卡费用增长放缓;以及商标投资及外汇收益波动。
瑞银相信,投资者将会对此表现采取中性或略微积极的态度,维持其“中性”投资评级,12个月目标价42.6港元。
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