《大行報告》瑞銀下調中資券商股目標價 首選中信証券(06030.HK)
瑞銀發表研究報告指,在市場疲軟及疫情不確定性因素影響下,內地券商行業市賬率水平正處於歷史低位。信貸政策進一步放寬等宏觀政策,將為行業帶來支持,預期若當局表態重申對資本市場支持,以及新股註冊制改革,都可成為潛在催化劑。
瑞銀表示,在家庭資產重新配置的支持下,看好財富管理業務的潛在增長,預期券商收入結構重心將向機構業務轉移。該行又指,行業現價水平或反映出投資者忽略了復甦潛力或長期投資主題。
根據行業年初至今表現,瑞銀將2022至2024年盈利預測下調4%至10%,目標價平均下調17%,較看好擁有強大機構及資產管理業務的券商,首選中信証券(06030.HK),同時亦看好中金公司(03908.HK)及華泰證券(06886.HK),均予以「買入」評級。由於機構業務定位不佳,瑞銀將海通(06837.HK)的投資評級由下調「買入」至「中性」。
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