《大行報告》美銀證券微升招商證券(06099.HK)目標價至16.7元 評級「買入」
美銀證券發表研究報告指出,招商證券(06099.HK)第三季純利28億元人民幣,按年倒退6%;首九個月經調整營運溢利按年增長21%,至190億元人民幣,主要由於經紀業務及交易帶動,惟由於基數高及投資銀行市場表現疲弱,令第三季的增長放緩。
該行指出,招商證券的槓桿率隨着交易資產的擴張持續上升,從2020年底的4.6倍,增加至今年6月底的5.3倍和9月底的5.4倍。在這種擴張的推動下,第三季投資收益增長26%應高於同業水平。由於投資收益增加,該行將招商證券的每股盈測上調2%,將其H股目標價由16.6元微升至16.7元,同時重申對其H股「買入」評級。
此外,該行認爲招商證券的經紀和投資銀行業務不及預期,雖然估計公司的傭金率進一步下行空間有限,因爲其今年上半年的平均淨傭金率較同業高4%,但由於各大銀行和券商費率競爭激烈,料公司的基金銷售收入或將於第四季繼續下降。
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