《大行報告》野村下調招行(03968.HK)目標價至64.95元 評級「買入」
野村發表報告表示,招行(03968.HK)次季淨利潤按年增16%至310億元人民幣,較該行預測高於3%,受惠於非信貸資產減值損失較小及入息稅較低;由於淨利息收益率(NIM)疲弱及淨費用收入增長,撥備前經營溢利(PPoP)則按年增4%至580億人民幣,較該行預測低於5%,經營溢利按年增5%至860億元人民幣,較該行預測的低5%。
該行表示,今年次季淨利息收入按年增7%至530億元人民幣,主要受到總貸款額按年增10%的推動,惟由於生息資產平均餘額較低,平均淨利息收益率按年增9個基點至2.37%,低於該行預測的2.45%。
該行表示,將公司今年至2024年各年盈利預測下調3.6%至4.1%,以反映淨利息收益率因貸款利率走低而承壓,故將其目標價由72.77元下調至64.95元,維持其評級為「買入」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.