美银美林下调国泰君安(2611.HK)目标价至17.5港元评级“买入”
美银美林发表研究报告指,国泰君安(02611.HK)上半年纯利按年升25%至50亿元人民币;撇除单次性收益,基本纯利同比增长约50%。但由於股市由4月中旬高位持续下跌,导致其次季纯利按年减少33%。而受到经纪和交易收益所推动,经营利润按年上升23%,不过第二季拨备增加,对盈利增长有负面影响。

报告指,该业绩的正面消息主要包括:投资银行收入按季增加及员工成本稳定。该行指,由於A股市场成交量由首季的高位开始减少,故调低成交量及投资收益预测,并将国泰君安2019年至2021年各年盈测调低4%至12%,各年股盈料分别1.04元人民币、1.2元人民币及1.39元人民币。同时将目标价由19.1港元降至17.5港元,但维持“买入”评级。
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