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大摩:招行(3968.HK)上季表現強勁,予目標價84.1港元
格隆匯 03-21 16:07

格隆匯3月21日丨大摩發研報指,招商銀行(3968.HK)去年第四季的業績表現強勁,穩健的收入增長、穩定的淨息差及資產質量改善等,但認為真正的亮點是其零售業務的持續強勁增長,如穩健的在管資產(AUM.US)增長,以及優於同行的低成本存款增長,予目標價84.1港元,維持“增持”評級。

大摩表示,其資產或財富管理收入顯著增加,並估計於去年第四季度資產管理費用按年增長超過1倍,財富管理費按年增長47%,合計佔去年費用收入的46%,又指其存款按季增長5.5%,優於同業,撥備前利潤亦錄得健康增長,而受惠於強勁的收益和輕資本費用收入的貢獻增加,去年全年股本回報率反彈至17%,遠超同業。

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