《大行報告》野村上調招行(03968.HK)目標價至88.29元 評級「買入」
野村指招行(03968.HK)2021年第四季度淨利潤按年增長27%,主要是由於資產質量穩定,撥備減少,淨息差則基本穩定在2.48%。隨着數字化深化,財富管理業務仍然是招行的主要增長動力; 儘管不良貸款略有上升,但房地產風險依然可控。
該行將招行目標價由86.33元上調至88.29元,意味有44%上漲空間潛力。爲反映2021年資產質量改善,2022年至2023年盈利預測分別上調3%及5%。目前預測招行2022年、2023年及2024年收益增長16%、14%及10%,重申「買入」評級。
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