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《大行報告》星展降廣發証券(01776.HK)目標價至10元 評級「買入」
阿思達克 02-08 10:36
星展發表報告指,廣發証券(01776.HK)將會是內地財富管理市場擴展的主要受惠者,在一線經紀行中,該公司在資產管理業務擁有最大業務敞口,佔稅前盈利30至40%,並對龍頭的公募基金例如易方達及廣發基金均有持股,是該公司經常性收益的重要來源,有良好的增長潛力。 該行指公募基金費用下調,對公司去年股本回報率有1.1%影響,較同業平均0.4%為高,但收費下調長期利好增長,在下一個上升周期支持更大證券AUM增長,公司亦將受惠行業整合及規模效益提升。該行將公司2023及2024年度盈利預測,分別下調25%及49%,主要反映市況差過預期,以及收費下調對利潤率造成壓力,維持其H股「買入」評級,H股目標價由14.5元下調至10元。
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