花旗报告预计，市场对招行(03968.HK) 首季净利润按年跌2.1%逊预期的表现反应负面，又认为显示管理层在推动盈利增长方面的动机有限，因该行没有资本压力，且已能通过内生资本生成满足增长需求。
该行表示，虽然认为招行仍能实现全年至少正向或持平的盈利增长，但全年最终盈利增长可能仍将保持低迷。结合难以进一步提高股息支付比率空间，认为招行净资产收益率可能加速下降，进一步低于去年的14.5%，这将使其对比其他大型内银股溢价估值更难以维持。
该行目前予招行H股“买入”评级及目标价41.06元。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-30 12:25。)
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