《大行報告》高盛:招行(03968.HK)初步業績顯示降低撥備以提升盈利增長
高盛發表報告指出,招行(03968.HK)發布初步業績,顯示降低撥備以提升盈利增長,預期去年收入按年跌2%至3,390億元人民幣,低過該行預期1%;淨利潤按年增長6%至1,470億元人民幣,較該利預期高3%;撥備按年跌30%至400億元人民常,較該行預期低16%。
當中意味招行去年第四季呈類似趨勢,料季內收入按年跌1%至790億元人民幣,較該行預期低3%;淨利潤按年增長5%至330億元人民幣,較該行預測高15%;撥備按年少91%,該行預測低93%。
季內,預期招行淨利息收入按年跌7%至520億元人民幣,低過該行預期3%;淨息差按年跌33點子至1.95%,低過該行預測5點子。貸款按年增長8%,符合預期。至於非利息收入按年增長11%至260億元人民幣,較該行預測低3%。
該行維持對招行的「中性」評級,儘管領先同行的撥備水平靈活推動盈利增長,但收入增長充滿挑戰。目標價維持31.57元不變。
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