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中國銀河國際:拐點已至 上調國泰君安國際(1788.HK)目標價至1.93港元 評級增持
格隆匯 01-21 12:21

近期,多家機構發佈對國泰君安國際(1788.HK)的研究報吿,花旗亦上調公司目標價至1.7港元。截至目前,已有8家投行給予公司“買入”評級。其中,中國銀河國際昨日發研報指,國泰君安國際的市淨率曾在2015年年中達到約5倍的峯值,而公司最新的市淨率為0.97倍,仍較歷史平均水平低1個標準差。該行維持國泰君安國際增持評級,將目標價由1.58港元上調至1.93港元,較1月20日的收盤價1.47港元有逾31%的潛在升幅。

該行表示,預計國泰君安將受益於香港市場ADT的持續增長,將香港市場2021F/2022F的ADT上調26.6%/31.4%至1900億港元/ 2300億港元,以反映有利的結構性趨勢,這將有利於國泰君安的經紀業務,並間接創造更多的保證金融資需求。

此外,為了降低風險,該公司在過去三年中逐步將融資融券業務的重心從小型股轉向大型股,大規模的貸款減值也為新的開始鋪平了道路。清算遺留問題涉及其融資融券業務基本完成,中國銀河國際在2020財年上半年看到了明顯的改善。

考慮到中美貿易摩擦,該行預計會有更多的中國公司選擇香港作為海外上市的首選地點,相信這將有利於國泰君安的IBD業務。   

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