大行評級|花旗:將招行納入30天負面觀察負面催化觀察 目標價為41.52港元
花旗發表報吿表示,將招商銀行納入30天負面觀察負面催化觀察,指招行今年以來股價已累升32%,表現優於國有四大商銀同期介乎20%至27%升幅,料部分原因是受惠內地房地產支持政策,招行被視為內銀股中涉內房地產業務的最優質代表。該行料其中期純利按年下跌1.5%,估計今年第二季純利或遜預期,因房貸收益率壓力、內地家庭去槓桿化、零售資產品質惡化,以及銀行保險費用風險高於同業。由於料招行今年上半年利潤增長不會比四大銀行明顯加快,該行認為將難證明招行H股溢價估值是合理的,其預測市賬率0.81倍,對比四大銀行的預測市賬率僅介乎0.39倍至0.42倍。花旗維持招行“買入”評級及目標價41.52港元。
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