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《大行报告》野村上调招行(03968.HK)目标价至82.6元 评级「买入」
阿思达克 06-03 10:08
野村发表报告指,近日安排招行(03968.HK)与投资者进行会面,本年至今财富管理资产规模较3月底增长7.9%至2.64万亿元人民币,其中净基於价值产品占约1.93万亿元人民币。相关产品主要对象为零售客户,其风险胃纳较低,因此约66%产品与债券挂钩,仅得5%与股票挂钩。管理层指引今年「旧产品」占比减少的压力较低。未来跟摩根大通合作,管理层指对理财产品前景正面,由於中国市场机遇较大。

至於净息差及贷款增长前景,管理层料今年净息差稳定,下行压力包括今年信贷成本仍面对较大压力,贷款利率再定价亦持续面临压力。正面因素包括今年贷款需求强劲,存款结构改善,高息存款占比较少,加上市场利率较为稳定。

该行上调招行目标价,自71.91元上调至82.6元,同时上调今年盈测5%,2022年及2023年盈测分别7%及5%,以反映好於预期的财富管理费用。长期股本回报率上调1.5个百分点至18.5%。

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