大和:招商銀行(3968.HK)首季業績強勁 維持買入評級
大和發表研究報吿指,招商銀行(3968.HK)首季業績非常強勁,整體財富管理業務收入按年持平,存款增長及淨息差具韌性,在管理層變動方面,認為招行形成了完善的公司治理和業務營運機構,以實現長遠發展,因此,招行憑藉既定優勢和持續創新,能夠保持行業領先地位,該行認為招行已被過度拋售,維持其買入評級,H股目標價則由74港元下調至65港元。
大和表示,今年首季度,招行的貸款總額增加了1880億元人民幣,據該行估計佔全年貸款增量約30%,貸款增速放緩由於疫情和零售客户信貸需求減弱,預計隨着疫情緩解,貸款增速將重新加速。
招行原黨委書記、行長田惠宇涉嫌嚴重違紀違法,正接受中央紀委國家監委紀律審查和監察調查。大和指,對於招行行長變動,認為招行已形成完善的企業管治及業務營運以作長遠發展,故此招行有能力保持其領先的行業地位。就近期的股價表現,招行被視為財富管理業務的主要參與者,因此在資本市場表現不佳的情況下受到降級,認為招行的首季業績表明其財富管理相關業務和其他業務的穩健性優於市場預期,並認為財富管理是不可逆轉的趨勢和增長動力。

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