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《大行報告》瑞信下調國泰君安(02611.HK)目標價至14.2元 評級「跑贏大市」
瑞信發表研究報告,指國泰君安(02611.HK)去年度收入及稅後淨利按年增長22%及35%,主要來自機構業務強勁及資產質量改善所帶動,股本回報率提升2.5個百分點至11.1%,財務槓桿率則從3.7倍提高至4.1倍。 報告指出,期內機構客戶賬戶數量增長11%,對孖展融資、經紀和衍生品的需求增加,機構券商存款佔比提升2個百分點,認爲在市場波動及費率競爭的情況下,國泰君安增加機構客戶的比例和數量或會提升經紀業務的盈利穩定性。 瑞信指,去年金融產品分銷收益按年增長1.2倍,領先於行業約57%增幅,雖然資產管理規模收縮27%,但國泰君安資產管理業務收益增長19%,主要來自於產品結構轉變導致費率上升。 因應去年強勁業績表現,該行將今明兩年每股盈利預估上調8%,認爲機構業務及資產管理質量有改善,但提高風險溢價以反映風險胃納下降,目標價由15.3元下調至14.2元,維持「跑贏大市」評級。
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