麥格理:重申招行(3968.HK)“跑輸大市”評級 目標價21港元
麥格理髮表研究報告指,招行(3968.HK)
初步業績公佈,去年純利為928億元人民幣,按年升15.3%,相當於每股盈利3.62元人民幣,高於該行預期3%,但低於其他券商預期2%。由於資料有限,麥格理仍然根據其基本趨勢假設估算,相信基本盈利增長放緩可能對股價構成負面影響。
該行指,招行第四季淨息差收窄、撥備前盈利按年跌1%(第三季按年增6%),撥備處於持平的水平,正等待3月中公佈業績時有更多資料,重申“
跑輸大市
”評級,目標價21港元。
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