大和:升中信建投(6066.HK)目標價至9.2港元 評級升至買入
大和發表研究報告指,繼續相信中信建投證券(6066.HK)今年的盈利將會優於同業,而2020年至2022年的股本回報率(ROE)將達雙位數,主要由於資本市場改革加快,直接融資額大幅增加,加上市場分享投資銀行業務的收益。該行將中信建設證券目標價由原來的7港元升至9.2港元,評級亦由優於大市升至買入。
大和表示,該行將科創板、再融資需求及創業板上市改革視為2020年中國股票融資增長的三大動力。鑑於最近發佈有關創業板改革的草案,該行預計今年第三季將允許註冊制公司進入,並估計將為行業帶來9%的投資銀行收入增長,以及1%的投資收益增長。
該行指,中信建投證券母公司及資產管理子公司今年首4個月的純利按年增長63%,均受到強勁的投資銀行手續費收入及投資收入的推動,預料有關趨勢將會持續,並在2020年至2022年ROE達到11%。

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