《大行報告》法巴:招行(03968.HK)被市場低估 指基本面仍強屬行業首選
招商銀行(03968.HK)半日股價回升5.7%收46.95元。法巴近日發表報告表示,招商銀行今年首季業績反映了市場波動和內地對疫情管控所帶來的影響,但認爲招行的基本面仍然強勁。
該行表示,重申對招行「買入」投資評級,將對其每股公平價值(Fair Value)預測由72元降至70元,以反映2022年手續費收入增長預測較低,料公司收入和股東淨利潤按年增速將分別放緩至8.5%和12.5%。
法巴表示招行業績的積極方面,雖然貨幣需求放鬆和信貸減弱,但招行的淨息差優過該行預期。
該行表示,招行H股目前估值被嚴重低估,僅相當於預測市賬率1.2倍。招行仍然是該行的內銀股的首選,認爲信貸需求減弱和手續費收入增長放緩等困難屬暫時的。(wl/a)
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