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《大行報告》美銀證券上調國泰君安(02611.HK)目標價至16.7元 評級「買入」
美銀證券發表的研究報告指,國泰君安(02611.HK)上半年淨利按年升47%至80億元人民幣(下同),單計次季則持平,表現符早前盈利預告,次季收入增長顯著放慢至按年升14%,期內增長引擎主要為投行業務、資產管理業務,惟被自營交易及較高的撥備所拖累。 而上海證券不再是公司的子公司,於上半年帶來12億元的一次性投資收益,帶動上半年投資收益按年增長69%,而整體資產亦在次季反彈9%,年率化股本回報率為12.6%。該行重申予「買入」評級,目標價由16.5港元升至16.7港元。 在經紀業務方面,該行指出上半年經整合淨佣金收入升16%,而佣金比率顯著下降,而金融產品銷售則按年升4.8倍,現時貢獻經紀業務收入的9%,去年同期比例僅2%。於投行業務方面,次季增長達59%,而IPO承銷量市佔率亦倍增至3.7%。(el/k) ~
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