《大行報告》瑞銀上調招行(03968.HK)目標價至73.9元 評級「買入」
瑞銀發表研究報告,指出招行(03968.HK)股價今年來累漲23%,主要是受到第四季盈利強勁反彈,及市場對銀行盈利恢復至大約14至16%增長的疫情前水平預期所帶動。雖然相對於同業,其估值溢價已大幅增加,但該行認為這是合理的,因為招行與四大銀行之間的淨資產回報率差距不斷擴大、資產質素可見度提高以及消費貸款復甦。此外,在對大型科技公司的金融服務產品被嚴格審查下,認為招行會是主要的長遠受惠者。
該行又指,招行已在過去數年建立領先的財富管理特許經營,為其手續費收入和高於同業的存款特許經營做出了重大貢獻。此外,該行預期招行已建立的私人銀行特許經營將成為財富管理業務的主要推動力,並在中國私人銀行行業具吸引的增長機會下,帶動毛利率提升。
該行將招行的目標價由原來的48.3元上調至73.9元,維持「買入」投資評級。鑑於其基本面改善,及淨資產回報率和財富管理業務增長等方面領先同業,認為其還有進一步重估的空間。
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