《大行》匯豐研究升中信建投(06066.HK)目標價至12.7元 籲「買入」
匯豐研究發表報告,指中信建投証券H股(06066.HK)及A股(601066.SH)的股價在過去60個交易日分別升35.7%及3%。該行將H股的較好表現歸因於投資者偏好,因為兩者之間存在較大的估值差異。而H股的表現符合該行預期,由於成交量按年上升以及公司擁有強勁的投資能力,令交易佣金提高,有助推動盈利快速恢復,並令公司相比起同行有更強的防禦性。
該行認為券商行業將繼續整合,而中信建投可從中獲得更多市場份額,基於其行業領導地位。又預期將會見到重新評級的潛力,潛在的股價催化劑包括人行繼續釋放流動性以推動A股市場成交,可推動經紀業務收入;以及資產管理業務及資產管理規模擴張加速,推動業務收入增長。
該行預期中信建投全年收入按年增14.1%,成本對收入比率下降4個百分點,全年淨利潤料按年升25.2%。又將2025至27年交易與經紀業務利潤預測上調6%至8%,資產管理業務利潤預測下調6%至16%;2025及26年投行業務利潤預測下調0%至3%,但將27年預測上調3%。該行上調中信建投2025至27年盈測介乎2%至3%,H股目標價由10.7元升至12.7元,A股目標價由33.8元人民幣升至38.4元人民幣,均予「買入」評級。
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