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美銀美林:重申國泰君安國際(01788.HK)“買入”評級,目標價2.22港元
格隆匯 03-25 14:19

近日,美銀美林更新對國泰君安國際(01788.HK)研究報告,重申“買入”評級,目標價2.22港元,隱含潛在升幅達113%。同時報告指出,預計2020年公司市淨率應為1.3倍,而現在股價僅在0.6倍左右,有明顯上升空間。

報告中提到,國泰君安國際報告2019財年淨利潤為8.95億港元,同比增長12%。總收入為43億港元,同比增長40%,主要是由於公司企業融資業務、債券做市投資收益等強勁增長。收入增長低於盈利增長的主要原因是公司撥備準備金增加,但管理層指出2019年高撥備主要來自2017年以前的貸款業務,現在撥備已經覆蓋大約80%,近年來,公司更是主動停止了中小型股票為抵押品的孖展業務以控制風險。

另一方面,美銀美林指出公司的核心業務增長具有持續性。2019年公司的核心費率類收入增長穩定,報告認為這個趨勢可能在2020年得以延續。其中,經紀業務增長是一個不錯的驚喜,特別是在2019年港股市場成交量下跌19%的情況下仍能取得該成績,這表現在證券經紀收入同比增長了23%,表現超過市場水平,其主要原因在於財富管理的客户託管資金穩步上升。另一方面,投資銀行業務(企業融資)方面,無論是股票承銷還是債券承銷公司的表現均較為理想。

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