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《大行報告》野村上調招行(03968.HK)目標價至69.07元 評級「買入」
阿思達克 01-15 10:38
野村發表研究報告指出,招商銀行(03968.HK)2020財年盈利強勁,按年增4.8%至970億元人民幣,較該行高出5%,意味去年第四季表現呈「V型」反彈,按年增長33%,2020財年資產回報率為15.7%,較該行預期高出0.9個百分點。

該行指,招行去年第四季收入按年增長11.5%,回到疫情前的水平,利息收入及非利息收入分別增長11%及12.4%。信貸增長增速略為放緩,按年增12%。至於資產質素則表現健康及繼續改善,去年第四季的不良貸款比率進一步跌至1.07%的紀錄低位。

展望未來,野村將招行2020至2022財年的盈利預測分別上調5.1%、3.4%及3.5%,主要是受到資產質素改善及淨利息收益率前景穩定所支持。該行將招行的目標價上調11%,由62元升至69.07元,重申「買入」投資評級。

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