《大行報告》匯豐研究升招行(03968.HK)目標價至45.6元 透過股息顯信心
匯豐研究發表報告指,招商銀行(03968.HK)去年每股盈利按年升7%,單計去年第四季則升6.9%,符合今年1月的初步業績公布。穩定增長主要受惠信貸成本減少,派息比率由33%提升至35%,好過市場預期,亦超出同業大約30%水平,因此派息屬今次業績的主要正面訊息。
不過該行指,招行上季淨息差低於同業,淨利息收入按季跌1.7%。去年費用收入下跌10.8%,估計今年上半年壓力持續。去年成本對比入比率上升,資產質素表現參差,整體而言,相信去年業績對招行屬溫和正面,將今明兩年每股盈利預測分別下調2%及0.8%,但每股派息預測分別上調6.9%及11.2%,維持其「買入」評級,目標價由42.4元上調至45.6元。
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