《大行報告》野村上調招行(03968.HK)目標價至82.6元 評級「買入」
野村發表報告指,近日安排招行(03968.HK)與投資者進行會面,本年至今財富管理資產規模較3月底增長7.9%至2.64萬億元人民幣,其中淨基於價值產品佔約1.93萬億元人民幣。相關產品主要對象為零售客戶,其風險胃納較低,因此約66%產品與債券掛鉤,僅得5%與股票掛鉤。管理層指引今年「舊產品」佔比減少的壓力較低。未來跟摩根大通合作,管理層指對理財產品前景正面,由於中國市場機遇較大。
至於淨息差及貸款增長前景,管理層料今年淨息差穩定,下行壓力包括今年信貸成本仍面對較大壓力,貸款利率再定價亦持續面臨壓力。正面因素包括今年貸款需求強勁,存款結構改善,高息存款佔比較少,加上市場利率較為穩定。
該行上調招行目標價,自71.91元上調至82.6元,同時上調今年盈測5%,2022年及2023年盈測分別7%及5%,以反映好於預期的財富管理費用。長期股本回報率上調1.5個百分點至18.5%。
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