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《大行报告》大和降招商证券(06099.HK)评级至「跑输大市」目标价下调至8元
阿思达克 06-19 14:43

大和发表的报告指,与同业比较招商证券(06099.HK)在经纪业务及资产管理业务上面对更大压力,当中经纪业务仍然是公司主要收入来源之一,去年经纪佣金收入贡献达37%,是H股同业中最高,而去年行业平均佣金比率进一步降至3.28个基点,按年下跌7.4%,由於公司相对较重视高净值客户,因此料公司相对其他同业将面对更大的佣金压力。该行将公司目标价由11.25元降至8元,评级由「持有」降至「跑输大市」,并将其2019-20年每股盈利预测下调23-25%。

该行亦认为公司资产管理业务受压,今年首季其资管业务的净利按年下跌16%,而行业整体则按年跌约15%,展望未来该行认为公司仍然受压,一方面是自去年四月推出资管新规後竞争环境有变,银行亦纷纷成立资产管理子公司,另一方面渠道业务仍面对监管,根据中国证券投资基金业协会数据,在首二十大证券公司旗下的资管子公司中,截至2018年底公司在渠道业务方面接触面较大,渠道业务占资产管理规模达85%,而其H股同业相关比例仅为42-75%。(el/ca) ~

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