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《大行報告》大摩料中金公司(03908.HK)今年股本回報近10% 評級「增持」
阿思達克 07-21 10:05
摩根士丹利發表報告表示,中金公司(03908.HK)於7月20日宣布增加擬公開發行A股數量,由不超過4.59億股,增加至不超過14.38億股,主要考慮業務發展需要及用以捕捉未來發展機遇。該行指出中金財富管理公布上半年稅後溢利按年升126%至12億元人民幣,股本回報率達14.5%,相估是受惠投資於科創板,而中金財富管理是由中金全資擁有,而2018年上半年相關的稅後溢利貢獻達31%。

按該行情景分析指出,中金公司在現時的市場環境下擬籌400億至600億元人民幣,意味2020年股本回報率潛在攤薄2至3個百分點,儘管如此中金的財富管理增長或強過預期,因為之前該行並未考慮科創板投資的利好,相信有助抵銷稀釋效應,加上中金投行業務強勁,而其跨境業務亦有助支持盈利,料其股本回報率亦有機會接近10%,予目標價21.22元,評級「增持」。

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