大行评级|星展:下调招商银行目标价至53.5港元 重申“买入”评级

格隆汇
Sep 04, 2025

星展发表研究报告指,招商银行上半年业绩符合预期,纯利按年升0.3%,收入跌1.7%。虽然财富管理业务稳健增长,但整体收入费用按年减少1.9%,当中银行卡费用收入显著下降。该行预计,招行2025至2027财年的盈利年复合增长率为2.5%,盈测下调3至8%,以反映净息差受压及最新的费用收入前景。该行重申招行“买入”评级,目标价由56.5港元下调至53.5港元。

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