《大行報告》摩通:招行(03968.HK)首季業績遜 料股價短期受壓
摩根大通發表研究報告指,招商銀行(03968.HK)首季業績遜預期,撥備前利潤及淨利潤分別較該行預期低9%和6%。在廣泛復甦的宏觀背景下,招行撥備前利潤仍錄得4%按年跌幅,是2016年第三季以來最差表現,利潤增長8%,亦是2020年第三季度以來的最弱。
摩通指出,招行去年第四季及今年首季在理財資產管理規模方面市場份額下降,不過資產質量有適度改善,不良貸款覆蓋率保持在較高水平,零售客戶及資產管理規模亦持續增長。
摩通預計,招商銀行的股價在短期內將面臨下行壓力,認為投資者可能會質疑管理層維持穩定股本回報率的承諾,維持「增持」評級,認為今年首季該行利潤增長見底,股本回報率未來幾個季度將呈上升趨勢,給予目標價70元。(gc/u)
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