《大行報告》大華繼顯下調招行(03968.HK)目標價至45元 第三季業績遜預期
大華繼顯發表報告指,招商銀行(03968.HK)第三季業績遜預期,其中收入按年跌5%至812億元人民幣、純利按年升1.7%至381億元人民幣,均低於預期,主要是受到手續費收入低迷及交易收益下跌所影響。
該行指,招行第三季淨息差的收窄有所改善,但管理層指引淨息差水平或於明年進一步下跌,而費用收入增長仍受壓,主要是費用率下調及市場波動。
大華繼顯表示,將招行今年、明年及2025年盈利預測分別下調2.3%、7.3%及7.1%,並將其目標價由50元下調至45元,維持其評級為「買入」。(ca/w)
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