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《大行報告》大摩上調民行(01988.HK)目標價至4.5元 評級「增持」列首選股
阿思達克 08-17 09:45
摩根士丹利發表報告指,自2020年起,中國民生銀行(01988.HK)出現了三大根本性變化,包括由產品主導模式轉向客戶主導模式,以改善客戶體驗;加強客戶關係管理;以及產品策略改變,專注服務質素而不是高風險信貸產品。民行並透過企業客戶快速增長及融資渠道組合改善,取得初步轉型成果。該行認為,作為一個私營銀行,相信民行在執行力方面仍保持優勢,但有較以往更具獨立性的業務經營策略。 報告預料民行未來數年將持續轉型,並料其股東權益報酬率(ROE)在2023年至2025年間持續上升。大摩料民行今年至2025年各年ROE分別達6.5%、7.4%及8.4%,將驅動民行獲估值重評,大摩將民行H股目標價由4.3元上調至4.5元,維持予「增持」評級,並新增其為內銀板塊首選股。
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