大行評級|大摩:予中信證券“與大市同步”評級 收入壓力部分被成本措施抵消
摩根士丹利發表研究報吿指,中信證券首季收入按年跌10%,主要受到投行業務費用及投資收入下跌影響。即使利息支出增加,公司資產負債表仍較上季錄得增長。成本與收入比率按年減少0.6個百分點,利潤按年下降8.5%。該行給予中信證券H股目標價15.08港元,予“與大市同步”評級。報吿指,公司公佈首季投行業務收入達8.89億元,按年及按季減56%及16%。由於中證監收緊融資和對過往交易的審查,包括新股和再融資在內的整體市場股票融資量按年減69%,這種情況可能會在未來幾季繼續下去。雖然營業收入按年跌10%,但2024年首季的銷售及行政費用按年減15.6%,反映公司更重視支出控制。因此,成本與收入比率減0.6個百分點至49.6%,有助將利潤按年跌幅限制在8.5%,或會好過市場預期。
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