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美銀美林:升中信建投證券(6066.HK)目標價至5.6港元 但重申“跑輸大市”
格隆匯 10-30 11:40

美銀美林發表的研究報告指,中信建投證券(06066.HK)首三季純利按年增長75%至38億元人民幣(下同),當中受惠7月起市場反彈,第三季純利增長達77%,而經營收入則按年增長24%,主要受經紀、投行業務及交易所得帶動,而第三季公司表現亦好過同業,主要因為公司在承銷業務方面市場份額領先,加上投資收入亦見反彈,惟該行相信季度交易所得有機會出現波動,而反彈是否可以持續亦存在疑問。

該行將公司2019-2021年盈利預測上調1-5%,以反映交易所得及投資收益強勁,目標價由5.5港元升至5.6港元,重申“跑輸大市”,認為其估值昂貴。

該行指出在經紀業務方面,其費用收入按年增長19%,較市場成交反彈速度慢,而佣金比率按季維持穩定,惟該行憂慮進一步下調佣金比率或為中資券商帶來挑戰。而在投行業務方面,公司費用收入按年增26%,相信在公司在債券承銷方面仍具領先地位,而股票業務市場份額亦有所提升。

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