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野村:中信證券(6030.HK)中期業績大致符預期 維持買入評級
格隆匯 08-25 15:50

野村發表研究報告指出,中信證券(6030.HK)中期業績大致符合預期,維持H股買入評級,目標價為23.72港元。

報告指出,公司截至6月30日止6個月的收入及純利分別按年上升23%及38%,符合野村預估,淨資產半年升9%,上半年股本回報率為10.14%,高於去年同期的8.22%,雖然信貸減值損失大增,但包括證券、投資銀行、自營交易及資產管理等各主要業均帶動盈利強勁增長。

報告續指,儘管公司上半年IPO市佔率流失,但由於大量IPO正排隊上市,估計該公司的IPO生意會逐步回升。同時,即使槓桿增加,但公司的資本水平仍保持強勁,

報告提到中信證券上半年信用減值損失達到20億人民幣,按年大增290%或15.1億人民幣,主要源於收購廣州證券的遺留訴訟開支,由於涉及金額約10億人民幣,而撥備已增加15億人民幣,因此野村相信有關開支下半年不會再蠶食公司的盈利。

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