《大行報告》瑞信下調招行(03968.HK)目標價至68元 評級「跑贏大市」
瑞信發表報告,下調招商銀行(03968.HK)2022年盈利增幅預測,由原先15.3%降至13%,以考慮到較預期弱的的宏觀經濟環境對銀行業經營構成壓力,並且考慮到招行較低的成本收入比和較高的信貸成本。鑑於較低的利潤增長和管理層的不確定性,將招行H股目標價從80元下調至68元,維持「跑贏大市」評級。
瑞信指,招行H股昨日(28日)升5.7%,相信短期股價反彈幅度限於10%至15%,進一步反彈幅度視乎更清晰的管理層任命和房地產不良貸款見頂的情況。
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