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《大行報告》花旗:招行(03968.HK)近期股價調整締造買入機會
花旗發表研究報告指,招商銀行(03968.HK)前行長田惠宇嚴重違紀違法遭雙開,招行H股股價自10月8日起已累計回調19.3%,引發投資者對其市場化經營及財富管理策略可能發生變化的擔憂。 報告指,田惠宇被中紀委調查,結果顯示他任職期間「長期以市場化運作為幌子,以投資及理財為名以錢生錢,大搞權力與資本勾連」,濫用職權積累個人財富。招行隨後發公告,強調市場化經營保持不變,又指戰略方向穩定,各項經營管理運行正常,重申零售轉型及輕資產發展戰略。 花旗認為,該行未來業務戰略,不會因監管機構對前職員個人行為的批評而發生改變,又指招行三十年來銀行業務始終按照市場化原則經營,對其繼續提供超越同行的財務業績充滿信心,預期招行股價可能出現過度調整,重申「買入」評級,相信近期的回調將帶來入市機會,予目標價53.7元。
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