《大行報告》大和降招商證券(06099.HK)評級至「跑輸大市」目標價下調至8元
大和發表的報告指,與同業比較招商證券(06099.HK)在經紀業務及資產管理業務上面對更大壓力,當中經紀業務仍然是公司主要收入來源之一,去年經紀佣金收入貢獻達37%,是H股同業中最高,而去年行業平均佣金比率進一步降至3.28個基點,按年下跌7.4%,由於公司相對較重視高淨值客戶,因此料公司相對其他同業將面對更大的佣金壓力。該行將公司目標價由11.25元降至8元,評級由「持有」降至「跑輸大市」,並將其2019-20年每股盈利預測下調23-25%。
該行亦認為公司資產管理業務受壓,今年首季其資管業務的淨利按年下跌16%,而行業整體則按年跌約15%,展望未來該行認為公司仍然受壓,一方面是自去年四月推出資管新規後競爭環境有變,銀行亦紛紛成立資產管理子公司,另一方面渠道業務仍面對監管,根據中國證券投資基金業協會數據,在首二十大證券公司旗下的資管子公司中,截至2018年底公司在渠道業務方面接觸面較大,渠道業務佔資產管理規模達85%,而其H股同業相關比例僅為42-75%。(el/ca) ~
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