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《大行報告》大和下調中信証券(06030.HK)目標價至25元 評級「買入」
阿思達克 03-22 10:49
大和發表研究報告,指中信証券(06030.HK)財富管理業務轉型具吸引,管理客戶資產去年底按年增72%,平均客戶資產達1,200萬元人民幣,帶動公司管理費收入增長39%,財富產品銷售收入增124%,相信穩定的數字主要由其領先的產品和交叉銷售能力支撐。公司亦正申請資管附屬牌照,相信未來可進一步增強管理基金和資產能力。

該行指,管理層指計劃中的供股主要是用於公司擴大資管業務(特別是衍生產品),冀進一步擴大資產負債表,擴大產品規模和範圍,相信長遠回報率可支持5倍槓桿(2020年底4.57倍),不過供股將攤薄今明兩年每股盈利7至10%。

該行重申「買入」評級,目標價由27元降至25元。

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