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《大行》匯豐研究升申萬宏源(06806.HK)H股目標價至2.6元 降評級至「持有」
匯豐環球研究發表報告指,申萬宏源(06806.HK)(000166.SZ)AH股價均有上升,當中A股相對於H股表現較弱,主要是由於兩者估值不同,導致投資者偏好估值較低的H股。該行認爲,申萬宏源H股相對於恆指表現較佳,是由於新業務收入增加,例如自去年第四季起的私募股權投資,以及近期孖展融資的復甦。 該行表示,隨着近期流動性政策的利好,申萬宏源傳統業務的強勁表現將有助推動其收入,但可能會被商品銷售收入會計處理方式的改變所部分抵銷,預計其整體收入將按年增長1.4%,在嚴格的成本控制下,今年的淨利潤料按年增長39%。該行又認爲,公司A股的估值具吸引力。 該行上調申萬宏源2025至27年的淨利潤預測17至20%,當中下調資產管理收入預測22至23%;降投資收入預測2至7%;降利息收入預測3至12%;及下調營運開支預測19至22%。 該行將公司A股目標價由6.6元上調至7元,維持「買入」評級。至於H股,該行將其目標價由2.4元調升至2.6元,評級由「買入」降至「持有」。
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