新股速递：LFG投资控股(3938.HK)
机构：中泰国际
公司简介：
LFG投资控股是活跃于香港的金融服务供应商，公司透过主要营运的附属公司力高企业融资、力高证券及力高资产管理经营业务。主要提供(1)企业融资顾问服务；(2)包销服务；(3)证券交易及经纪服务；(4)证券融资服务；及(5)资产管理服务。
中泰观点：
中国宏观经济带动香港投资平台可持续发展：根据香港交易所资料，内地企业（包括H股、红筹股及内地私营企业）的数目于2019年6月30日约占联交所上市公司总数的50.3%，内地企业的总成交量约占联交所截至2019年6月30日股票总成交额约78.6%。中国宏观经济的稳定发展连同中国投资者的投资全球化预计继续推动香港作为吸引中国资金的投资平台的可持续展。
经营业绩方面：2017至2019财年，LFG投资控股实现营业收入分别为0.8亿港元、1.0亿港元及1.2亿港元，其中企业融资顾问服务占总营收近9成；确认首次公开发售保荐项目收入占相关年度总收益分别约39.7%、38.0%及32.5%；已确认收益的首次公开发售保荐项目数目分别为13、17及24个；净利率方面分别为45.6%、48.8%及41.4%，2019年净利率同比下跌由于上市开支所致。于最后可行日期，公司参与20个进行中的首次公开发售保荐项目，其中9个计划于主板首次公开发售，7个计划于GEM首次公开发售及4个计划从GEM转往主板上巿。
估值方面：按全球公开发售后的4亿股本计算，公司市值为5.2-6.8亿港元，相比港股同行较低。19年公司市盈率约为10.6-13.9倍，处于行业中游；市净率约为3.82-4.15倍，高于行业平均。盈利能力方面，19年的ROE、ROA分别为83.3%和45.9%，高于行业平均。综合公司的行业地位、业绩情况与估值水平，我们给予其61分，评级为“中性”。
风险提示：（1）市场竞争风险
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