《大行報告》摩通:招行(03968.HK)免去田惠宇行長職務 料股價短期受壓
摩根大通發表報告指,招商銀行(03968.HK)免去田惠宇行長職務,認為管理層的突然變動不會對招行的財務狀況產生任何影響,但預計股價短期內將面臨下行壓力。目標價85元,評級「增持」。
摩通解釋指,高級管理層突然變動對招行來說並不常見,加上無披露辭職原因及未來工作,可能會引發市場擔憂,即其辭職可能與早前媒體報道的招行一名高級管理人員正在協助進行法律調查有關。而目前未知王良是否永久擔任或只是暫時接管田惠宇的職責,為是否會有進一步的高級管理層變動留下不確定性。另招行目前H股股價相等於今年預測市賬率1.47倍,與同業存在大幅溢價。
摩通指,田惠宇領導了招商銀行的第二次戰略轉型和數字化推進,自2013年起的任期內,招行的淨資產收益率和估值倍數明顯提升。招行沒有披露他離職的原因,但表示經營不會受到影響。中期而言,股價表現將取決於多種因素,包括招行能否繼續提供優於同行的財務業績並重新獲得投資者的信心,田惠宇的繼任人是否會引入戰略變革,以及田惠宇離職的原因和可能出現的潛在後果。
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