《大行報告》星展降海通證券(06837.HK)目標價至3.7元 評級「持有」
星展發表研究報告指,海通證券(06837.HK)多元的產品曾經是一個優勢,但其離岸經紀業務和金融租賃實體的市場和信用風險加劇正在拖累集團的盈利前景。該行認為,其離岸經紀業務私有化是加強監管和合理化投資組合的正確步驟,但對近期可能進一步資產減值保持謹慎態度。
該行將集團2023及24財年的盈測分別下調90%和71%,以反映投資損失、信用減值及費用收入表現疲弱。該行認為,在投資組合合理化過程中,集團表示可能會持續不理想。不過,隨著中國經濟穩定及美國降息,A股市場或會在年底觸底反彈,並推動資金回流中國。隨著市場信心回升,監管機構可能會使IPO發行活動正常化。屆時,政策的潛在利好因素或會浮現,支持券商和公募基金費用復甦。
該行進一步下調海通證券目標價,由5.5元降至3.7元,維持「持有」評級。
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