《大行報告》大摩:招行(03968.HK)首季業績放緩 惟預期按年逐漸改善
摩根士丹利發表報告,招商銀行(03968.HK)首季盈利按年增長7.8%,但收入按年倒退1.5%,反映出疫情滯後影響,以及零售信貸、投資和消費需求逐步恢復。
該行指,雖然面對挑戰,但招行客戶群和零售分行數量仍在繼續增長。淨息差按季收窄8個基點,資產負債雙雙受壓,由於該行積極控制融資成本,導致整體存款增長較市場慢。
大摩預期,隨著去年基數較低及經濟繼續逐步復甦的推動下,招行收入及利潤按年增幅將繼續改善,零售信貸需求、消費及投資情緒亦會提升,給予招行目標價59.2元,評級「增持」。
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