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《大行報告》摩通下調招行(03968.HK)目標價至85元 評級「增持」
阿思達克 03-24 09:59
摩通將招行(03968.HK)目標價由86元下調至85元,以反映去年末季業績表現,評級「增持」。 摩通認爲,招行在提供個人優質服務方面擁有國內最佳的商譽,其單一分行的零售存款平均水平在去年上半年顯着高於同行,其存款成本在行業內股份制銀行和城商行中最低,在存款利率自由化的背景下,這應該是一個優勢。 摩通指,零售業務的利潤貢獻上升,零售業務貢獻了約50%的稅前利潤,在該行覆蓋的銀行中最高。高額的不良貸款撥備爲未來收益提供緩衝,其不良貸款覆蓋率在全國性銀行中較高。
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