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《大行報告》摩通降招行(03968.HK)目標價至32元 相信現時為長遠投資者良好切入點
阿思達克 12-11 10:15
摩根大通發表報告指,此前對招商銀行(03968.HK)給予「增持」評級,但年初至今招行H股股價表現仍落後MSCI中國銀行股約31個百分點,或是由於摩通對中國零售市場復甦、股市情緒以及招行實現雙位數利潤增長的承諾過於樂觀。 摩通表示,現價計算招行H股的可持續股本回報率為10.3%,對比該行估算2023至2025年平均預測股本回報率為15.2%,認為除非資產質量出現急劇惡化,否則招行利潤大幅收縮發生的可能性很低。 該行現時預測招行2024至2025年利潤增幅將達到中單位數,相應將目標價由53元下調至32元,但仍維持「增持」評級,認為對於長遠投資者而言現時是一個良好的切入點。 但摩通亦提醒,除非內地股市或房市情緒出現明顯改善,否則招行股價預期會在未來3至6個月橫行。
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