野村维持招行(3968.HK)“买入”评级目标价46.32港元
野村发表研究报告称,中国招商银行(3968.HK)中期业绩稳健,零售银行业务强劲,资产质素改善,故维持其目标价46.32港元及“买入”评级不变。

该行指出,今年上半年,招行纯利同比增加13%,其中,第二季增长15%,与此前预告相若。年化后的平均股本回报率达19.5%,高于同业。净息差同比扩大16点子至2.7%,贷款半年增长10%。不良贷款比率由2018年度的1.36%,改善至今年上半年的1.23%。
该行表示,招行零售银行业务营运收入/税前盈利分别同比增长20%及21%,高于整体增速,零售银行占收入及税前盈利比例因此分别提高4.6及5.4个百分点至54.5%和59.8%。
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