《大行報告》美銀證券降中信建投証券(06066.HK)評級至「中性」 目標價下調至7.4元
美銀證券發表研究報告指,中信建投証券(06066.HK)發公告指,由其擔任獨家保薦人和主承銷商的公司紫晶存儲(688086.SH)被中證監立案調查。中證監隨後或會對中信建投証券進行調查。儘管紫晶存儲的IPO是中信建投保薦歷史上的一小部分,但該案被認為是中國註冊IPO中的第一件欺詐案件,監管機構可能會對上市公司及其保薦人處以重罰。根據過去的案例,該行認為,IPO保薦牌照可能會被暫停3至6個月,而集團目前正在籌備的60多宗IPO可能會出現延期,部分亦會改聘保薦人。
美銀證券將集團H股評級從「買入」下調至「中性」,因為其IPO業務和股本回報率前景面對更多挑戰,又重申對其A股的「跑輸大市」評級。由於對2023至24財年的每股盈測下調18%,將其HA股目標價分別下調至7.4港元和10元人民幣。該行表示,下調評級是由於假設公司IPO牌照暫停3個月,預估其總承銷收入佔比將降至2023至24財年收入的20%,而此前2021財年為25%。該行繼續將集團視為內地正在進行的資本市場改革的長期受益者。
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