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《大行》中金升中信金融資產(02799.HK)目標價至1.21元 評級「中性」
中金研究報告指出,中信金融資產(02799.HK)預告上半年純利按年增長12.5%至16.3%,至介乎60億至62億元人民幣(下同);剔除金租公司出表影響,按年增長約23.9%至28.2%。公司計劃2025年末全面實現「三年質效顯著提升」戰略目標,提升經營質效;向2026至2027年「五年成為行業標桿」目標進軍。 中金表示,公司預計盈利增長來自股權業務等收入增長以及融資成本按年下降。公司2025年上半年增持中行(03988.HK)H股45.7億股、1月20日至7月22日增持光大銀行(06818.HK)(601818.SH)A股2.6億股及港股2.8億股,中金測算可確認一次性投資收益179億元至206億元(去年上半年為虧損1,000萬元);又測算公司2024年下半年融資成本3.63%,按年下降20基點、按半年降17基點。 中金考慮公司股權業務收入增長以及負債成本下行,上調其2025年、2026年盈利預測16%、20%至分別115億、114億元。由於市場風偏回暖、公司新進MSCI中國指數有望吸引增量資金,中金上調目標價46%至1.21港元,對應預測2025年市賬率1.85倍,維持「中性」評級。
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