《大行报告》大和降中国银河(06881.HK)评级至「持有」目标价下调至4.4元
大和发表报告指,中国银河(06881.HK)业务对A股成交额非常敏感,因集团仍非常依赖其经纪业务,该业务去年贡献集团76%的经营收入,及112%的税前盈利,所以集团於同业中对A股的日均成交有最高的盈利敏感度。
大和表示,其今年估计的基础情境的A股日均成交额为5,250亿元人民币,若日均成交额出现10%的改变,则会导致中国银河的净利润改变6%,而对大和其他有覆盖研究的同业的平均影响仅为4%。
该行又称,与华泰证券(06886.HK)及中信证券(06030.HK)比较,中国银河的经纪业务并没有清晰的策略,预期集团该业务的市场占有率或会继续下降。
大和下调对中国银河股份评级,由「跑赢大市」降至「持有」,目标价亦由8元大降至4.4元。
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