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《大行報告》大和降中國銀河(06881.HK)評級至「持有」目標價下調至4.4元
阿思達克 06-19 14:33

大和發表報告指,中國銀河(06881.HK)業務對A股成交額非常敏感,因集團仍非常依賴其經紀業務,該業務去年貢獻集團76%的經營收入,及112%的稅前盈利,所以集團於同業中對A股的日均成交有最高的盈利敏感度。

大和表示,其今年估計的基礎情境的A股日均成交額為5,250億元人民幣,若日均成交額出現10%的改變,則會導致中國銀河的淨利潤改變6%,而對大和其他有覆蓋研究的同業的平均影響僅為4%。

該行又稱,與華泰證券(06886.HK)及中信証券(06030.HK)比較,中國銀河的經紀業務並沒有清晰的策略,預期集團該業務的市場佔有率或會繼續下降。

大和下調對中國銀河股份評級,由「跑贏大市」降至「持有」,目標價亦由8元大降至4.4元。

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