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大和:下調招行(3968.HK)目標價至44港元 評級“買入”
格隆匯 06-29 11:32

大和發表報告指,招商銀行(3968.HK)管理層近日在股東周年大會上的訊息,重申了該行的積極看法,即招行將堅持其輕型銀行的長期戰略,並於今年至2022年繼續有高質素的盈利增長。

該行認為,招行的零售資產管理規模為降低融資成本以保障淨息差,以及推動輕資本收入的關鍵。即使在今年首季尾的基數高達7.9萬億元人民幣,但相信招行的零售資產管理規模在未來數年仍可續有雙位數的增長。

大和維持招行“買入”評級,目標價由45港元降至44港元,並下調其今年至2022年的盈利預測2%至4%,以反映非標準信貸資產投資的撥備較高。

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