《大行報告》摩通上調惠理集團(00806.HK)目標價至5.4元 評級「增持」
摩通發表研究報告重申惠理集團(00806.HK)「增持」評級,認為公司有機會在下周發盈,主要是受惠費用收入表現理想,而第四季投資收益及淨資金流入等亦轉正喜,料股價有望跑贏,將公司2020及21財年盈利預測分別上調172%及56%,以反映上述因素及資產管理規模增長等,目標價由5.2元升至5.4元。
該行指出公司兩隻旗艦基金於年底資產淨值較高水位線分別高12%及36%,而其他資產管理規模較細的基金亦估計可收取表現費,故料2020財年表現費收入或逾10億元,相對2019財年僅錄5,500萬元。
該行指出公司去年首九月資金淨流出32億美元,主要是來自固定資產基金,不過管理層指,在12月中相關淨流出收窄至約20億美元,反映第四季有淨流入的情況。另外,2021年該行估計其資產管理規模增長前景較好,並將有淨流入。(el/u) ~
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