《大行報告》野村下調招行(03968.HK)目標價至72.77元 評級「買入」
野村將招行(03968.HK)目標價由75.78元下調至72.77元,重申「買入」評級,以反映近期因疫情而封城的影響,主要是因為野村將招行2022年手續費用收入增長預測從按年增長10.5%下調至7.8%;並且將2022年不良貸款率預測上調4個基點至1%。
該行預計,招行領導層的平穩交接,將有助於維持其當前的業務戰略和公司士氣,並加強其在零售和財富管理領域的競爭優勢,從而支持高於長期股本回報率15%。
野村認為,招行首季不良貸款覆蓋率是同行之中最高,料能支持其今年盈利韌性。不過,基於在宏觀經濟下行中,相信招行資產質素和手續費用收入今年可能受壓。儘管如此,由於穩定的撥備前利潤按年增長9.2%,及充足的資本緩衝,料招行今年盈利按年增長達13%。
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