大行評級|中銀國際:上調招商銀行目標價至45.71港元 維持“買入”評級
中銀國際發佈研究報吿稱,上調對招商銀行目標價至45.71港元,並維持“買入”投資評級。公司去年派息比率同比升2個百分點至35%,預計招行今年平均淨資產收益率(ROAE)達15.8%,為同業中最高。該行指出,招行去年業績顯示去年第四季盈利穩定增長,資產質量仍然優秀,基於其不良貸款比率截至去年底達到0.95%,或仍屬同業低端水平。此外還指出,招行去年淨息差為2.15釐,較去年首三季跌4個基點,亦同比跌25基點,主要受生息資產收益率下降及融資成本上升影響。該行料招行今年淨息差將進一步跌11個基點。
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