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《大行報告》大摩下調ESR(01821.HK)目標價至21.9元 評級「增持」
阿思達克 03-29 10:03
摩根士丹利報告指出,ESR(01821.HK)股價於過去半年跌約30%後,認為該股有可能因中國重新開放及利率預期下降而獲得重新評級。利率預期下降支持投資者對ESR管理的新基金和現有基金的興趣,該行相信資產管理規模(AUM)增長從去年的3%加快到今年的14%。隨著AUM的增加,ESR將能夠獲得更多的基金管理費,這約佔其集團盈利的一半。 該行指,中國業務佔集團總資產管理規模23%,基於今年中國重新開放,料中國的籌資和開發活動將有所回升,推動今年利潤增長。 不過基於2022財年業績表現,該行下調集團2023-24年每股盈測18%至24%,目標價相應由28.6元下調至21.9元,重申評級「增持」。
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