小摩发布研究报告称,维持招商银行(03968)“增持”评级,盈利预测不变,但考虑除净后,目标价由81港元下调至80港元。公司去年零售存款水平明显高于同行的平均水平,零售业务的利润贡献持续上升,拨备前利润对平均资产也为同行中最高水平,为未来盈利空间提供缓冲。
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