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《大行報告》匯豐研究:招行(03968.HK)首季業績略負面
阿思達克 04-27 10:56
匯豐研究發表報告指,招商銀行(03968.HK)首季業績略負面,淨息差收窄和財富管理情緒疲弱,今年首季面對困難狀況,將今年第一季的業績視為略為負面業績。另一方面,復甦需要時間,但3月消費和基金銷售取得進展,3月存款競爭亦見減少。報告維持招行H股目標價58.5元,維持「買入」評級。 該行表示,招行今年首季每股盈利按年增長7.8%至1.54元人民幣,基本符合盈利預告,但可能低於市場預期。每股賬面淨值(BVPS)按季升4.3%至34.13元人民幣;年化淨資產收益率為18.4%。手續費收入低於預期,期內按年下降12.6%,反映出與財富相關的收入疲弱、信用卡費用下降以及結算和清算費用下降。收入按年下降1.7%,成本按年增長4.6%,成本收入比按年上升1.9個百分點至30.4%。成本增長略低於預期,但撥備前盈利仍按年降4.3%。首季普通股權一級資本充足率(CET1)低於預期,按季下降27個基點至13.41%,但仍領先於同行。
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