《大行報告》野村:招行(03968.HK)末季盈利勝預期 目標價升至86.33元列行業首選
野村發表研究報告指,招商銀行(03968.HK)日前發佈2021年度業績快報,淨利潤達到1,199.22億元人民幣,按年升23.2%,當中第四季盈利增長26.8%勝預期。考慮到去年7月及12月的降準及存款增速加快,預計第四季淨息差將勝過預期。
野村表示,招行資產質量持續改善,不良貸款率按年下降16個基點至0.91%,覆蓋率穩定維持於441.3%,資產回報率提高1.2個百分點至16.9%。
野村指,考慮到第四季資產質量改善好於預期,將2022至2023年信貸成本預測降低,並將盈利預測分別上調3.2%及3.3%,至按年增長14.7%及12.3%,非利息收入增長預期上調至16.7%及10%,以反映手續費/交易收入增長勢頭強於預期;淨息差預測則維持在2.47%不變。
該行將招行目標價由82.2元上調至86.33元,維持「買入」評級,並重申招行爲覆蓋的中資銀行當中的首選。
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