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《大行報告》大和升中信建投(06066.HK)目標價至15元 短期料發盈喜成催化劑
阿思達克 01-15 15:07
大和發表研究報告指,中信建投証券(06066.HK)是今年內地資本市場改革核心受惠者,短期有可見催化劑,提升其2020至2022年每股盈測45%至68%,以反映主要資本市場指標預測調整,及公司在投行及財富管理的市佔顯著擴大;維持「買入」評級,目標價由9.2元升至15元。

該行稱,監管機構加快資本市場改革的核心目標於建立具國際競爭力的證券市場,吸引更多在美國預託證券掛牌的中資股回流。該等改革將帶來上市及交易機制的持續更新,包括而不限於降低獨角獸企業及已海外上市企業的上市門檻,以及全面落實以登記為本IPO制度。該行料今年內地證券市場融資額按年增幅達40%;而中信建投最惠於資本市場改革。

該行料公司將發盈喜,去年純利按年增幅約80%,主要受惠投行收入強勁增長(據WIND數據,去年末季IPO承銷費收入按年升139%),經紀佣金(去年末季A股日均成交按年升86%、公司市佔按年大幅擴大)及其他投資收入。

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