一文了解券商於招行(03968.HK)公布業績後最新觀點、評級及目標價
招商銀行(03968.HK)今早股價靠穩，上周五(28日)收市後公布截至6月底止中期業績，純利按年跌1.6%至497.88億元人民幣，每股盈利1.97元，不派息；期內營業收入按年升7.1%至1,481.63億元人民幣，淨利息收入按年升4%至908.73億元人民幣。
招行上半年淨利差按年跌16點子至2.42%。淨手續費及佣金收入按年升8.5%至422.69億元人民幣。截至今年6月底止核心一級資本充足率為11.31%，較去年底跌64點子，不良貸款率為1.14%，減少2點子，不良貸款撥備覆蓋率為440.81%，跌14.03個百分點，貸款撥備率為5.03%，增6點子。
【撥備覆高 資本仍充裕】
摩根士丹利表示，招行中期業績有兩項正面情況，包括相對穩定資產質素，不良貸款比率按季升3點子，不良貸款覆蓋率仍高達441%，反映在新冠疫情下緩衝較同業更佳。此外，客戶基礎改善從零售資產管理規模可見，截至第二季較去年底升逾10%，受惠企業存增按季增加12%支持。但該行關注招行淨利差受壓，但仍處於健康水平。費用收入表現滯後亦令人關注，受累於銀行卡及交易收費，財管收入亦較首季放緩。該行給予招行「增持」評級，目標價49.2港元。
野村認為，招行盈利能力仍然強勁，縱使受信貸利率下跌影響。半年股本回報率為16.94%，按年跌2.53個百點，淨利差按年跌20個點子至2.5%。但招行同時仍在存款方面保持優勢，存款成本按季減12點子至1.75%，非利息收入按年升12.5%，佔招行整體收入39%，有助穩定招行盈利能力。該行預期招行未來盈利增長持續受壓，因監管機構下半年繼續要求銀行讓利予實體經濟及增加撥備，但招行仍將跑贏同業。野村下調對招行今年至2022年純利預測7%至11%，對其目標價自46.59元下調至46.09港元，維持「買入」評級。
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本網最新綜合10間券商其投資評級及目標價，3間券商下調目標價，8間給予「買入」、「增持」或「跑贏大市」評級：
券商│投資評級│目標價(港元)
中金│跑贏行業│57->73元
高盛│買入│56.34元
摩根大通│增持│50元
摩根士丹利│增持│49.2元
野村│買入│46.59元->46.09元
海通國際│跑贏大市│44.05元
瑞信│跑贏大市│43元
花旗│買入│42.88元
匯豐環球研究│持有│42.3元->41元
美銀證券│跑輸大市│23.55元->24.2元
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券商│觀點
高盛│增長穩定，料未來派息增加
摩根大通│業務基本面仍穩固，縱使收入增長減速
摩根士丹利│零售業務改善，縱使撥備前溢利增長放緩
野村│經營穩定，縱使盈利疲弱
海通國際│主動清理信用卡組合
瑞信│半年純利優預期，續領先同業
花旗│淨利差、收入及資產質素疲弱影響收入及盈利
匯豐環球研究│在盈利下採保守撥備
美銀證券│核心盈利增長疲弱
(fc/w)
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