《大行報告》瑞信:招行(03968.HK)在艱難時期仍可保持良好增長 維持「跑贏大市」評級
瑞信發表研究報告,指雖然減值損失增加21%,但招行(03968.HK)首季純利維持按年增長逾10%。在充滿挑戰的營商環境下,營業收入增速加快至11%。銀行凈利息收入按年增長5.5%。手續費收入錄15%增長,主要是受惠於理財產品、基金、保險分銷,遠遠拋離競爭對手。
該行指,在其覆蓋的11家銀行中,招行的不良貸款率錄最大跌幅,而不良貸款覆蓋率上升幅度是最大。公司的不良貸款覆蓋率達451%,不單是該行所覆蓋的銀行中最高,而且亦是公司上市以來最高水平。5%的貸款被撥備覆蓋,是同業中最高。
瑞信提到,即使在困難時期,銀行亦可以調動零售客戶資源以實現良好的增長、維持穩定的資產質素及審慎作出撥備。在接下來的季度將會面對更多挑戰,該行認為公司可以防止資產質量下降,而其在零售客戶的優勢將會持續下去,令其表現更具吸引力。維持目標價在43元及「跑贏大市」投資評級,招行是該行的其中一個首選。
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