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大和料惠理(0806.HK)中期盈利升30%惟降目标价至5港元
格隆汇 08-12 13:43

大和发表研究报告指,惠理(0806.HK)将公布今年中期业绩,预料儘管近期大中华区股市表现疲弱,但集团盈利仍会有30%的按年增长,主要受到共同投资回报、管理费上升等因素推动。该行下调惠理集团目标价33.3%,由原来的7.5港元降至5港元,维持“优于大市”评级。

大和表示,集团在今年6月底的资产管理规模增长21%至181亿美元,但由于高基数效应,预计今年上半年集团的资产管理规模将按年下跌3%。该行又估计,集团的平均管理费率将会上升,主要由于旗舰固定收益基金的管理费率达1.5%,高于大部分股票基金0.7%至1.25%的管理费率。

该行又将集团2019至2021年的每股盈利预测下调18%至59%,但预期集团整体基金表现仍然正面。

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