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高盛升海通证券(6837.HK)评级至“买入”东方证券(3958.HK)降至“沽售”
格隆汇 08-20 11:43

高盛发表报告表示,基于宏观因素及多间中资券商的初步数据,该行分别下调其覆盖之12间中资券商今年上半年收入预测及税後净利润(NPAT)预测各4%及10%,主因期内A股新股数量下跌令券商之投行部收益下跌17%;在互惠基金(mutual fund)子公司收益减慢下拖累资产管理收益下跌9%;且保证金融资及股票质押贷款的拨备成本上升等。

同时,该行下调该等中资券商今年盈利预测14%,将H股目标价平均调降26%。该行又指,目前中资券商估值已处低位,建议吸纳对股票市场表现的收益敏感度较低、但具有强大品牌及投行部比重较大的公司,如中金公司(03908.HK)及中信建投证券(06066.HK)。另基于估值因素,该行将海通证券(06837.HK)级“中性”升至“买入”,惟目标价由12.16港元降至9.62港元;将东方证券(03958.HK)由“中性”降至“沽售”,目标价由7.25港元削至4.21港元。

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