大行評級|瑞銀:中資券商板塊估值處於歷史低位 看好中信證券及華泰證券
瑞銀髮表研究報吿指,近日一眾中資券商股表現向好,相信主要來自於7月舉行的中央政治局會議發出了支持政策基調,帶來進一步降息憧憬,以及今年以來行業併購交易增多。目前瑞銀對內地券商行業前景改善持樂觀看法,預期中型券商通過併購躋身一線的動力較強,同時板塊估值亦處於歷史低位,相信投資者情緒將改善,資本市場穩定性或增強。瑞銀目前預期其覆蓋的中資券商,第二季盈利按年跌幅將介乎15%至20%,上半年跌幅達約25%。瑞銀所覆蓋的A股券商現價估值水平為2024年預測市賬率的約0.9倍,H股券商估值水平則為2024年預測市賬率約0.3倍,兩者均處於歷史低位,中長期展望行業集中度將進一步提升。在個股方面較看好中信證券及華泰證券,均予“買入”評級,目標價分別為23.3港元及13.1港元。
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