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新股評級 | 富石金融(2263.HK):香港本土小券商又來砸盤?這次會不一樣?
格隆匯 02-01 16:08

香港市場近兩年來上市的券商股,首日表現不佳。

作者 | 格隆匯新股

來源 | 格隆匯新股

數據支持 | 勾股大數據

本評級主要圍繞行業、公司、市場三大維度,針對目標公司各項核心指標進行打分評級,滿分為10分,各指標單獨評分,按“(權重佔比*分數)之和”計算,最終結果按照四捨五入得到。

格隆匯新股研究根據已公開數據及獨家的內部評級體系,給予富石金融的新股綜合評估分數為4,滿分為10分),如下圖:

新股評級的重點簡述:

(1)公司附屬佳富達證券被分類為C類香港交易所參與者,所在賽道的市場增長空間相對有限,競爭激烈,主要服務於香港本地散户為主;在2018年,佳富達證券在625名香港交易所參與者中排名第151位,排名在100名之外的券商,基本可以斷定其在香港證券行業排名所處位置為中下水平之後,綜合實力較弱。

(2)佳富達證券的營收、淨利的總體規模較小,2019財年營收僅約6528萬港元,其中,券商交易的佣金收入與經紀業務、孖展業務的利息收入、配售及包銷業務的收入佔比分別約為33%、20%與44%,且近年來得益於香港IPO市場的興旺,與此相關的包銷業務提升較快。因此,可判斷公司業務的週期性較強,同時主要服務於散户的證券公司,業績波動性預料會更加顯著,一般來説,在成熟市場,週期行業的個股定價的估值較低。

(3)佳富達證券為較老牌的香港本土券商,目前已經成功運營約18年,在香港本地散户羣體享有一定聲譽和知名度。但從另一方面來看,18年的時間過去了,佳富達證券還是不能擠進香港二線券商之列,過去歷史證明,公司的成長性確實一般。

(4)按招股價上限計算,富石金融的上市前總市值上限為6億港元,市值規模較少;不考慮綠鞋,總股本為10億股,本次全球發售2.5億股,招股價上限為每股0.6港元,入場費6060.46港元,交易單位為1萬股;而每股股價較細(低於1港元),股本和交易單位較大,流通市值和總市值規模又較小,這些因素將會增加該公司上市後在二級市場的波動性和投機性。以2018年上市的相同市值規模的香港本土券商創升控股為例,上市後至今從最低點起計算的最高漲幅超過10倍。

(5)香港市場近兩年來上市的券商股,首日表現不佳,其中,創升控股、申萬宏源(H)、力高的母公司LFG投資的首日表現分別為-45.56%、-11.85%、-36.31%。按招股價上限計算,富石金融的上市前總市值與創升控股、力高的母公司LFG投資的上市前總市值相近,三者均為香港本土券商。

(6)保薦人域高融資近5年保薦了11只新股,上市首日8漲1平2跌,可見,保薦人域高保薦的項目中首日收紅的概率較大,同時,富石金融本次IPO並無基石投資者出現。

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