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大摩:招行(3968.HK)客户基础持续改善 予增持评级
格隆汇 08-31 16:38

招商银行(3968.HK)早前公布中期业绩,摩根士丹利发表研究报告指,其资产质素稳定,公司管理零售客户总资产余额逾80万亿元人民币,客户基础进一步改善,反映其增长前景乐观,予H股目标价49.2港元及增持评级。

大摩续指,净息差在今年第一次反弹后稍见压力,整体费用收入增长缺动力,因银行卡及结算费用的增长放缓,但预期随着信用卡借贷及交易量上升,今年下半年信用卡费用将会复苏。大摩说,招行一级资本及总资本充足率于今年第二季跌至过去3-4年的最低点。

大摩又指,招行于今年第二季业绩部分受疫情剩余效应影响,但料公司管理零售客户总资产余额持续长远增长。

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