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《大行報告》瑞信下調國泰君安(02611.HK)目標價至12.9元 評級「跑贏大市」
瑞信下調國泰君安(02611.HK)目標價,由14.2元下調至12.9元,但由於估值不高,維持「跑贏大市」評級。另將2022財年和2023財年的每股盈測分別下調8%和2%,以反映首季業績表現和較低的投資回報假設。 不包括一次性項目,國泰君安首季淨利潤按年下降34%,瑞信將業績疲軟表現歸因於去年首季高基數因素和投資收入大幅下降等。該行預計第二季對經濟增長的擔憂加劇,市場壓力將持續存在,但如果市場情緒恢復,中期的盈利趨勢可能會改善。 瑞信指,首季投資銀行業務手續費淨收入按年增長47%是一個亮點,預計強勁的勢頭將持續下去,因爲有47項交易正在進行IPO。
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