《大行報告》匯豐研究上調中信建投(06066.HK)目標價至14.2元 評級「買入」
匯豐研究發表的報告指,現時判斷予內銀券商牌照的影響屬言之尚早,但估計券商業務方面競爭將會增加。該行指出,短期內估計地方銀行未似會受惠,據傳媒報道內地商業銀行將獲授予券商牌照,但仍未獲相關部門確認,料初期僅一至兩家大型銀行受惠。而在今年次季的政策會議上,人行強調要中小型銀行聚焦核心業務,提供地方商業銀行服務,故認為地方銀行短期不似會受惠於放寬券商牌照政策。
由於中證監仍未作公告,所以現時判斷對內銀的影響屬言之尚早,考慮到內地一線券商集中度較高,相信銀行即使獲發牌照,券商業務需要時間才能獲取市場份額。該行指出內地券商戶口數目僅為內地銀行戶口數目的1.4%,由於券商及銀行有可能跨渠道合作入市,故內地券商市場的份額將有變,但有較強投行營運的券商如中信建投証券(06066.HK)相對具防守性。
該行重申予中信建投「買入」評級,目標價由9.8元升至14.2元,認為公司保薦業務收入上半年將升224%,相關收入佔投行收入約25%,並將帶動2020年公司盈利增長11.2%。
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