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大行評級|星展:重申招商銀行“買入”評級 目標價上調至52.2港元

星展發表研究報吿,重申對招商銀行的“買入”評級,目標價由37.5港元上調至52.2港元,預測招行2023至26年盈利年均複合增長率可達到約3%,並預期該行2026年盈利增幅可恢復至中單位數百分比。

星展表示,隨着下調存量房貸利率下限及LPR下調新政策逐步生效,招行今年下半年及明年的淨息差或將受壓,但同時內地一系列刺激政策有助支持貸款增長及激活市場活動,對銀行手續費收入前景看法樂觀。該行指,招商銀行截至6月底止上半年零售資產管理規模達到14.2萬億元,較去年下半年增長6.6%,考慮到當局推出一系列措施促進資本市場重新活躍起來,相信在財富管理產品市場擁有領先佔有率的招行,可成為中國財富管理需求穩健增長的主要受益者。

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