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《大行報告》大和降招行(03968.HK)目標價至29元 今年挑戰仍在
阿思達克 01-23 15:28
大和發表報告指出,招行(03968.HK)認為目前貸款需求溫和,預期今年貸款增量將略低於去年。監管方面,人行希望貸款增量季節性波動更趨平滑,暗示銀行沒有硬性貸款增量目標。 銀行方面,招行等銀行在低貸款利率環境下,難以選擇符合自身風險胃納的貸款項目。 招行相信銀行業淨息差仍面臨下行壓力,主要由於貸款需求溫和;去年貸款市場報價利率(LPR)下調影響今年;定期存款持續增長。另外,今年或面臨手續費收入壓力。 對於通過追討績效薪酬議案向員工逆向追薪,該行引述招行指憂慮有關行動被誤讀為減薪或其他負面訊號。招行強調,依照中國銀保監會2021年發布的規定,對所有銀行和保險公司建立回撥機制。其次,回撥適用於負責風險問題的員工,而不是一般員工。 第三,其他銀行也有類似的機制。事實上,招行在2022年年報中披露,2022年回撥影響約2,900名員工(佔總數的2.5%),平均回撥金額為2.03萬元人民幣。 大和將招行今明兩年的撥備前利潤(PPOP)預測下調6%至10%,純利下調約5%,主要由於收入增長遜預期。對其目標價由34.5元下調至29元,重申「跑贏大市」評級,認為招行今年挑戰仍在。
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