《大行報告》裏昂下調招行(03968.HK)目標價至70元 評級「買入」
裏昂發表報告指,招商銀行(03968.HK)上半年純利按年增長13.5%,符合預期,並高於該行訪問過的大多數投資者預期。
報告指,雖然招行上半年收入因淨息差壓力和費用疲軟而放緩,但注意到資產質素和財富管理業務方面具韌性,而不良貸款形成率在次季亦呈下降趨勢,房地產貸款質素好過同業。管理層在股東大會上預計,下半年淨利潤率和財富管理收入將有所恢復。
裏昂預計,招行到2024年盈利年複合增長率將達15%,輕微調整盈利預測,目標價由84元下調至70元,以反映更高的波動性和風險,但維持招行「買入」評級,並視作爲買入首選。
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