摩通:內銀收費增長下行風險增加 惟對盈利影響不大
摩根大通發表研究報吿指,留意到內地銀行的收費增長下行風險增加,包括為支持宏觀經濟而降低費用,以及下調基金銷售費用,但該行指出這對銀行盈利的實際影響輕微,而相關的負面影響大部分已反映於去年銀行業績數字上。
摩根大通表示,招商銀行(3968.HK)和平安銀行(000001.SZ)已通過降低特定的基金產品前期費用,去爭取更多的市場份額,預計其他銀行將在短期內跟隨。儘管如此,這僅將2022年的收入和利潤,分別拖累0.3%和0.8%。作為費用調整的先行者,招行和平安銀行或會受惠於市場份額的增加。
該行指出,招行和平安銀行的市場份額持續擴大,抵銷了費用率下降的影響。整體而言,客户策略調整較遲的銀行,或會失去市場份額。摩通予招行H股目標價81港元,評級為“增持”;平安銀行目標價為28元人民幣,評級“增持”。
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