美银美林:降中信股份(0267.HK)目标价至12.4港元 评级“买入”
美银美林发表报告表示,中信股份(0267.HK)
上半年纯利按年上升10%至335亿港元,高于该行预期5%,主因资源/能源业务利润贡献及经营管理较预期佳,同时中信银行(0998.HK)
、Sino Iron(首次扭亏转盈)和特钢业务(+61%)利润增长稳健。至于中信主要股东之一雅戈尔自2018年上半年开始减持股权,该行估计目前其持股仅余约3%,更相信在股价疲弱下,减持速度会下降。
该行重申中信“
买入
”评级,因其估值吸引,现价相当于资产净值折让34%以及2019年预测市盈率、市帐率为4.6倍及0.5倍。同时,该行上调其2019年盈利预测1%,反映上半年业绩较佳及人民币汇率疲弱因素,目标下调14%至12.4港元,因其上市资产的市值下跌。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.