《大行報告》匯豐研究降招行(03968.HK)目標價至46元 下調盈測
匯豐環球研究發表報告,下調招行H股(03968.HK)目標價,由57.2元降至46元,評級維持「買入」。
匯豐指,招行第三季度淨息差按季跌5點子,跌幅小於同業,部分基於該行致力減少融資成本及對企業信貸增長選擇性,淨利息收入僅按季跌0.6%。但受理財相關收入拖累,首三季費用收入按年趺11.5%。其他非利息收入則按年升14.2%。
匯豐指,監管當局對尤其銀保業務的懲罰性監管指引,對招行明年費用收入損害或多於同業,淨息差壓力亦將可能持續至最少明年上半年。該行在低於市場預期的預測下,進一步下調對招行今年至2025年盈利預測2.3%、11.5%及11.8%。該行欣賞招行推動嚴格成本控制,對企業信貸選擇性及勝於同業的資本產生能力,有關表現展示商業及市場主導的企業管理,值得較同業有溢價。
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