汇丰:维持国泰君安国际(1788.HK)“买入”评级,投行业务市占率继续提升,股息率吸引
机构:汇丰HSBC
评级:买入
目标价:1.9港元

该报告主要覆盖内容有以下三点:
归母净利润上升26%:相比疲弱的港股市场(平均每日成交量按年同比下跌22%),国泰君安国际上半年业绩的增长相对强劲。汇丰认为利润的增长主要得益于交易及做市业务的复苏,其中,主要受惠于今年离岸债券市场的良好表现。
市占率继续提升:上半年企业融资(投行)业务表现强劲。债券承销业务DCM收入上升20%,同时股票承销业务ECM业务在彭博承销排行榜中首次跻身前10名。另外,经纪业务收入在市场成交量下滑的情况下,仍然同比上涨7%,这得益于公司经纪业务的市占率名列前茅,以及新增加的债券类场外交易业务。
吸引的回报率,股息率8%:尽管公司对孖展贷款进行调整性策略,但由于公司在固定收益相关业务的布局(债券做市和结构性金融产品业务),将带来稳定的债券票息收入,从而加强整体回报。根据汇丰预测,下半年离岸债券市场仍保持良好的表现。过去几年来公司派息稳定(派息率持续位于50%以上),同时目前市帐率(股价/净资产)处于历史低位,预计2020年的股息率可达到8%。
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