《大行報告》美銀證券下調光大證券(06178.HK)目標價至6.2元 評級「跑輸大市」
光大證券(06178.HK)首三季度純利約33億元人民幣,按年倒退2%。美銀證券發表報告,指基於光大證券投資收入顯着下跌及投資銀行表現疲弱,將其2021至2023年的每股盈利預測下調17%至25%,目標價相應由7元下調至6.2元,重申「跑輸大市」評級,認爲該股基本面增長減慢、波動性較同業高。
該行指,光大證券首三季投資收入按年下跌65%,表現是全行最差,投資銀行業務中包銷收入按年下跌14%,該行引述數據指,其新股包銷下跌5%,反觀整體市場錄得6%增幅,估計光大證券的平均承銷費用率跌幅高過同業。
另外,光大證券首三季資產管理費用收入下跌39%,該行認爲,較遲參與資產管理業務的公司,可能在追趕行業龍頭上面臨巨大壓力。
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