《大行報告》瑞信上調華泰證券(06886.HK)目標價至19.3元 評級「跑贏大市」
瑞信發表的研究報告指,華泰證券(06886.HK)首季淨利33億元人民幣(下同),按年升15%,按季則升67%,年率化股本回報率為10.1%,較去年同期高81個基點,主要受惠經調整財務槓桿進一步提升。期內經營收入按年升28%,按季則升24%,主要受惠投行費用提升,加上在經紀業務市場份額增長,以及融資融券及投資收益穩健。不過該行認為公司經營效率較弱,加上信貸減值虧損增加亦令淨利增長弱於同業,期內開支及收入比率提升4個百分點至48.4%,主要受企業及行政開支較高所拖累。
該行將公司2021-22年每股盈測微調,目標價由18.5元升至19.3元,評級維持「跑贏大市」。(el/a) ~
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