《大行報告》高盛升招行(03968.HK)目標價至40.83元 評級「中性」
高盛發表報告,料招行(03968.HK)首季業績持續轉弱,收入料按年跌1%至900億元人民幣,純利料按年升9%至400億元人民幣;相較去年末季收入及純利按年分別升0%及18%。由於按揭重新定價及存款成本上升,料淨息差收縮,高盛料招行首季淨息差按年及按季分別收縮20及12點子。今年上半年按揭提早還款或令招行淨息差進一步下行。
報告補充,手續費收入仍是招行的核心,由於財管及基金分銷收入增長疲弱,料首季手續費收入按年升5%至300億元人民幣。
該行微調對招行2023至2025年預測,維持「中性」評級,H股目標價由37.63港元升至40.83港元。
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