《大行報告》麥格理下調招行(03968.HK)目標價至41元 評級「跑輸大市」
麥格理髮表報告表示,招行(03968.HK)首季淨利潤約360億元人民幣,按年增長12.5%,遜市場預期,招行開始減少儲備以支持盈利。該行認爲在退出內房貸款業務後,其調整後股本回報率(ROE)將出現結構性下降。
該行估計,招行資產質量可能會進一步惡化,不良貸款率僅從去年第四季0.91%小幅上升至今年首季的0.94%,但其整體不良貸款率從去年第四季1.75%升至今年首季1.98%,同時貸款撥備按年增長 80%,但其對不良貸款和整體不良貸款的覆蓋率從2021年的484%和252%,降至今年首季的463%和229%。麥格理重申招行「跑輸大市」評級,由於其持續ROE較低,將目標價由45元下調至41元。
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