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美银美林维持国泰君安国际(1788.HK)评级“买入”目标价2.4港元
格隆汇 08-22 11:11

美银美林发表研究报告,指国泰君安国际(01788.HK)上半年纯利按年升26%至6.39亿元,总收入按年升41%,主要受惠核心业务胜预期,企业金融业务增长强劲及债券投资收益复苏,不过孖展融资及结构产品相关收入下跌。该行又指,公司盈利增长慢过收入增长,主要由于上半年拨备由去年同期1.88亿元提高至5亿元所致。

报告引述管理层称,上半年拨备大增,主要与向星美控股(00198.HK)及五洲国际(01369.HK)授出贷款有关。上述拨备已覆盖主要对手方60%至85%的贷款。

美银美林下调国泰君安国际2019至2021年盈利预测约11%至12%,以反映港股交投少过预期,以及市场疲弱。目标价下调11%,由2.7港元降至2.4港元,维持“买入”评级。

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