《大行報告》高盛降招行(03968.HK)目標價至54.78元 評級「買入」
高盛發表研究報告,指招行(03968.HK)(600036.SH)A/H股價自4月中旬高位各累跌逾20%,源於管理層突然變動及內房不良貸款高於預期。高盛評估內房風險相關撥備增加或壓抑利潤增長,同時提升股息以增加資本回報方面則具彈性。招行現估值相當於過去兩個周期的中位數,認為短期獲估值重評機會不大,由於盈利軌跡料趨下降。高盛降招行H股目標價至54.78元,評級「買入」;將招行A股剔出「確信買入」名單,評級降至「中性」,目標價降至46.42元人民幣。
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