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摩通:予招商銀行(3968.HK)增持評級 目標價85港元
格隆匯 10-25 16:21

摩根大通發表研究報吿指出,招商銀行(3968.HK)第三季純利按年上升21%,首九個月純利達全年預測的83%,表現勝預期,主要由收入按年增加13%及撥備前盈利升16%,雖然不履約貸款持續下跌,但零售貸款的關注貸款比率上升,即使企業貸款資產質素改善,但第三季貸款增長疲弱,令人擔心。摩通予招行H股“增持”評級,目標價為85港元。

摩通報吿指出,招行淨息差回穩,按季擴闊1點子,而第二季則收窄了6點子,非利息收入按年上升12%,亦表現強韌,零售客户所管理的資產亦錄可觀增長,尤其私人銀行表現更加理想。

報吿提到,以集團層面計,招行不良貸比率按季下跌8點子,不良貸款覆蓋率則升3.7個百分點,存款按季僅升1%,企業貸款按季持平,該行表示企業貸款需求減弱。

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