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大行評級丨高盛:招行首季業績好壞參半 維持“買入”評級
高盛發表報吿指,招商銀行首季撥備前經營溢利及純利分別按年跌4%及2%,遜該行預期。業績主要受淨息差降幅較該行預期高4基點,以及投資收入較該行預期少19%影響。銀行貸款按年升5%,低於系統貸款增長的7.4%。貸款準備金計提按季增86%,非貸款資產準備金計提按季降72%。不良貸款增長速度超過貸款增長,表明不良貸款形成率略升,資產質量面臨挑戰。該行認為招行首季業績好壞參半,在可能的下行週期中展現紀律性,例如貸款增長放緩和對貸款計提更多準備金,但首季貸款增長低於指引,表明未來數月貸款增長將加速,關税政策影響卻可能削弱信貸需求,從而惡化資產質量。季度每股盈利按年跌2%,銀行需提高派息率維持全年平穩的每股股息。該行維持對招行“買入”評級,基於招行提升股東回報的能力及潛在的消費金融復甦,H股目標價為47.62港元。
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