大摩:降惠理(0806.HK)目标价至3.8港元 评级“与大市同步”
摩根士丹利发表研究报告,降惠理(0806.HK)
目标价由5.6港元降至3.8港元,维持评级“
与大市同步
”,认为其业务组合,已经由较快速转为较少盈利产品,固定资产投资基金的管理资产自2013年起升11倍,而股票基金跌16%。目前固定资产投资基金已经占整体管理资产的48%,预期市场转弱会继续令基金管理费表现较弱。
该行降2019-21年盈利预期分别42%、49%及6%,以反映今年以来股票基金的表现,以及股票基金净赎回预测调整。
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