《大行報告》大和降招商證券(06099.HK)評級至「跑贏大市」 目標價下調至9.4元
大和發表評級報告,指招商證券(06099.HK)今年首季經紀業務佔整體營業收入的27%,是H股同業內最高,加上公司業務大多傾向高資產淨值人士,以致與同行相比,公司面對較大的佣金壓力。此外,招證IPO管線較同業疲弱,降其2022年至2024年投行業務收入預測10%至22%。
該行表示,考慮到招證盈利對A股日均成交具高敏感度,將其2022年至2024年的經紀業務盈測下調23%至32%;大和亦上調招證2022年至2024年經營開支預測,以反映首季成本收入比率上升。
考慮整個內地券商板塊資本市場預測;招證經紀業務敞口較同業大,致使其更受本年至今市況疲弱影響;以及IPO管線疲弱致投行業務增長放緩,大和下調其2022年至2024年每股盈測21%至29%後,將招證目標價由14元下調至9.4元,將其評級由「買入」下調至「跑贏大市」。
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