《大行報告》大和降招行(03968.HK)目標價至41元 評級「買入」
大和發表研究報告,指招商銀行(03968.HK)第三季淨息差僅按季收窄1個基點,遠好過第二季收縮14個基點;在資產方面,報告預測明年首季全行業都要面對定價上的挑戰,特別是按揭業務。另外在資本市場波動的情況下,招行發放部分存款證明以滿足客戶需求,令第三季存款成本按季升2個基點。
大和指出,9月份銀行在全國範圍內下調存款利率,對控制存款成本開始有幫助,認為招行在獲客、資產管理規模等營運指標仍保持穩定增長,信用卡業務有所改善,預期第四季及明年整體資產質量將維持穩定。
大和將招行2022至2024年撥備前利潤預測下調4%至9%,並將期內淨利潤預測調整,介乎由下調4%至上調1%,主要由於收入高於預期,重申「買入」評級,目標價由50元下調至41元。
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