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大摩:升招行(3968.HK)目標價至50.2港元 評級“增持”
格隆匯 11-07 10:52

大摩發表研究報告指,招行(03968.HK)在資產和負債方面都有采取行動以控制風險,同時亦平衡了零售銀行客户的成本,或將令未來數季淨息差受壓。但銀行的內部經營穩健,有助抵銷外部壓力。

該行指,第三季淨息差受壓,主因首季的高息貸款、零售銀行放貸和貸款組合轉至低風險的基建項目、部分高成本存款增加和理財產品的贖回。相信淨息差壓力會持續,因公司正嘗試增加零售銀行信貸(如按揭和信用卡)、優質貸款需求放緩、存款成本壓力會於未來數季持續。

該行預期,公司利潤會受資產質素改善支持,公司第三季的不良貸款比率較6月底時下降,加上收緊信貸申請,相信信用卡資產質素持續改善。大摩重申招行“增持”評級,目標價由46.4港元升至50.2港元。

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