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《大行報告》瑞信降招商證券(06099.HK)評級至「中性」 目標價下調至9.8元
瑞信發表研究報告指出,招商證券(06099.HK)今年首季收入按年跌38%至37億元人民幣,稅後純利跌43%至15億元人民幣,大幅差過預期,主要由於期內公允價值虧損、A股疲弱及高基數所致。公司首季總投資收入(不包括來自聯營公司及合資企業的收入)按年暴跌91%,淨利息及經紀收入按年分別跌63%及12%。 該行預期,招商證券的盈利前景短期內仍然充滿挑戰,因爲受投資表現疲弱、投資/經紀業務收入敞口較大,以及高基數影響。將其2022至2024財年的每股盈利預測下調25%、3%及3%,以反映今年首季遜預期的業績、投資回報及IPO份額下降。H股目標價由12.1元至降至9.8元,評級由「跑贏大市」下調至「中性」。
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