《大行報告》中金降招行(03968.HK)目標價18%至73.23元 評級「跑贏行業」
中金發表研究報告指出,招行(03968.HK)A股及H股自4月15日以來,分別累跌18%及23%,部分由於短期經濟壓力對公司收入帶來影響。不過,該行認為招行暴跌主要由於其行長落馬,使招行中長期戰略存在不確定性,引發投資者憂慮。招行其後於5月19日宣布王良獲批准擔任行長一職,將有助紓緩市場的憂慮。
該行指出,招行在3.0戰略模式下,其發展路徑清晰,財富管理業務健康增長。公司嚴控資產質素,相信將透過併購穩步化解房地產資產風險。另預期,公司的收入結構和盈利能力將繼續改善。該行將招行H股目標價下調18.2%至73.23元,認為經濟放緩和資本市場的壓力,或影響公司第二季收入。然而,由於公司的資產質素穩定,維持「跑贏行業」評級,相信新行長的確認有助於公司保持戰略優勢。
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