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大和:維持招行(3968.HK)目標價45港元 評級“買入”
格隆匯 10-04 14:01

大和發表研究報告指,認為招商銀行(3968.HK)在同業中,其中一間今年具有最佳收益潛力的銀行,並將任何重大的股價回調都視為良好的買入機會。該行維持招商銀行目標價45港元,以及“買入”評級。

大和表示,國家財政部早前發佈了《金融企業財務規則(徵求意見稿)》,若銀行撥備覆蓋率超過300%,將被視為具有隱藏利潤的傾向,要對超過部分還原成未分配利潤進行分配,而截至今年上半年底,招行的撥備覆蓋率為394.1%,是大和覆蓋的銀行中,撥備覆蓋率為第二高的。

大和認為,若新規最終實施,招行可能必須在短期內,進一步提高其不良貸款確認標準,或降低信貸成本。該行估計,如果將上半年的逾期貸款全部記為不良貸款,其撥備覆蓋率料可降至312%。即使未考慮到新規帶來的一次性影響,但相信這反映出招行有強大的收益釋放能力。

該行指,儘管有人擔心零售方面的競爭加劇,但相信招行在零售業務方面,擁有無與倫比的優勢,並受其創新及穩步推進的金融科技升級所支持。

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