大摩:招行(3968.HK)第三季表現穩固 予“增持”評級
大摩發研報指,招商銀行(3968.HK)今年第三季盈利按年增長21%,核心經營趨勢穩固,第三季度收入和撥備前利潤分別按年增長13.3%和16.5%,認為其盈利及撥備前利潤錄強勁增長,予H股目標價80.3港元及“增持”評級。
該行表示,招行不斷擴張的零售客户分行有助該行實現穩定的淨息差、健康的手續費收入增長和資產質量的進一步改善,信貸成本基本持平,在投資和公允價值收益的推動下,非利息收入按年強勁增長24.2%,而第三季度的費用收入按年錄增長11.8%,其升幅健康。該行續指,理財產品和保險的銷售額在第三季度分別按年強勁增長62%和59%,而資產管理費用也按年增長60%,抵銷了共同基金和信託費用方面的部分放緩。

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