大行評級|花旗:予招行“買入”評級 第三季撥備前經營利潤及淨利潤轉為正增長
花旗報吿指,招商銀行首三季撥備前經營溢利按年跌2.7%至1683億元,同期税後淨利潤按年跌0.6%至1132億元,為市場對其全年預測的80%。季度撥備前經營溢利按年升1.6%,扭轉第二季按年跌2.9%;同期税後淨利潤按年升0.8%,扭轉第二季按年跌0.7%,但仍受撥備按年升8.5%拖累。季內資產回報率及股本回報率按年跌10基點及1.77個百分點,至1.32%及15.68%。花旗表示繼續偏好招行,因招行為房地產業受惠股且地方債風險敞口有限,將受惠財政刺激政策。招行在零售情緒及A股市場扭轉亦提供上望空間,包括費用收入或受惠資本市場相關交易增加,投資者取出定期存款進入股市及消費貸款需求受股市及按揭還款放寬提振。該行又指,對比六大國有銀行,招行股份集資風險有限,且提供具競爭力股息率。該行目前予招行“買入”評級,目標價38.58港元。
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