《大行报告》瑞银上调招行(03968.HK)目标价至73.9元 评级「买入」
瑞银发表研究报告,指出招行(03968.HK)股价今年来累涨23%,主要是受到第四季盈利强劲反弹,及市场对银行盈利恢复至大约14至16%增长的疫情前水平预期所带动。虽然相对於同业,其估值溢价已大幅增加,但该行认为这是合理的,因为招行与四大银行之间的净资产回报率差距不断扩大、资产质素可见度提高以及消费贷款复苏。此外,在对大型科技公司的金融服务产品被严格审查下,认为招行会是主要的长远受惠者。
该行又指,招行已在过去数年建立领先的财富管理特许经营,为其手续费收入和高於同业的存款特许经营做出了重大贡献。此外,该行预期招行已建立的私人银行特许经营将成为财富管理业务的主要推动力,并在中国私人银行行业具吸引的增长机会下,带动毛利率提升。
该行将招行的目标价由原来的48.3元上调至73.9元,维持「买入」投资评级。监於其基本面改善,及净资产回报率和财富管理业务增长等方面领先同业,认为其还有进一步重估的空间。
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