《大行報告》摩通下調招行(03968.HK)目標價至51元 評級「增持」
摩根大通發表報告指出,預期招行(03968.HK)在最新的按揭貸款利率下,將其全數現有按揭貸款重新定價,同時報告下調對其2023至2025年淨息差的預測,估計招行將釋放撥備來抵銷利息收入下降的負面影響。
該行認為,招行零售網絡領先內地同業,提供高質量服務。存款利率自由化下,招行的存款成本是業內股份制銀行和城商行中最低。至於招行的零售業務利潤貢獻不斷上升,該業務貢獻約50%的稅前盈利,是摩通所覆蓋的內銀中最高。此外,招行的不良貸款撥備覆蓋率在內銀中相對較高,其撥備前經營利潤/平均資產比在同業中亦最高,料將為未來盈利提供緩衝。
該行將招行2023至2025年盈利預測分別上調0.1%、下調2.3%及下調5.7%,H股目標價由56元下調至51元,維持「增持」評級。
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