《大行报告》大和升中信建投(06066.HK)目标价至15元 短期料发盈喜成催化剂
大和发表研究报告指,中信建投证券(06066.HK)是今年内地资本市场改革核心受惠者,短期有可见催化剂,提升其2020至2022年每股盈测45%至68%,以反映主要资本市场指标预测调整,及公司在投行及财富管理的市占显着扩大;维持「买入」评级,目标价由9.2元升至15元。
该行称,监管机构加快资本市场改革的核心目标於建立具国际竞争力的证券市场,吸引更多在美国预托证券挂牌的中资股回流。该等改革将带来上市及交易机制的持续更新,包括而不限於降低独角兽企业及已海外上市企业的上市门槛,以及全面落实以登记为本IPO制度。该行料今年内地证券市场融资额按年增幅达40%;而中信建投最惠於资本市场改革。
该行料公司将发盈喜,去年纯利按年增幅约80%,主要受惠投行收入强劲增长(据WIND数据,去年末季IPO承销费收入按年升139%),经纪佣金(去年末季A股日均成交按年升86%、公司市占按年大幅扩大)及其他投资收入。
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