大摩:若中信證券(6030.HK)中信建投(6066.HK)合併 投行業務將有協同效應
摩根士丹利發表研究報告指,彭博報道指中信證券(6030.HK)及中信建投證券(6066.HK)正研究合併,及後兩家公司都指對事件並不知情。該行指,如果消息屬實,將看到定價及整合方面的挑戰。該行予中信證券目標價22.23港元,評級為“增持”。
大摩表示,如果兩間公司進行合併,將可在投資銀行方面發揮協同效應。中信建投證券的收入在投資銀行的集中度高,有27%,而中信證券則為10%。如果進行合併,可能將令經紀商成為資本市場改革的主要受益者,而在該市場上,投資銀行業務可能會成為發展的關鍵業務。
該行預料,未來行業的集中度將會提高,不過認為小型券商的整合仍需要時間,目前關注點更多是在更大型的券商。
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