匯豐研究:增資方案反映母公司對國泰君安國際(1788.HK)強勁信心
格隆匯1月16日丨
匯豐銀行研究部(HSBC)今天更新對國泰君安國際
(1788.HK)
研究報告,維持“買入”評級,目標價1.9港元,潛在有27.5%的升幅空間。
香港“頭部”券商國泰君安國際(1788.HK)週二提議發行股票以籌集資金用於其業務發展和擴展。該公司計劃在發行19.19億至28.88億股股票,每股1.45港元,集資約37.52億港元。匯豐發現該提案不乏亮點,原因如下:
1)供股價較高,展現了大股東國泰君安證券對國泰君安國際(1788.HK)未來發展的強烈信心。
2)資金將投入發展高速發展的業務,包括孖展融資和債券做市。繼去年收購越南後,公司也將繼續投入發展東南亞業務。
3)供股後ROE高於同業:保守估算,即使在2020年無盈利貢獻,稀釋後的2020年預測ROE達到10.9%,該投資回報率相對中國內地券商較為吸引,後者2020年的預測平均ROE為9.4%。
報告提到,預計2020年國泰君安國際(1788.HK)的股息收益率將達到6.6%,維持“買入”評級。匯豐將繼續用市淨率法對公司股票估值,前提包括中期ROE 12%,增長率5%,股權資金成本為11%。國泰君安國際的股價處於在過去5年中的低位,6.6%的股息收益率亦值得留意。
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