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興業證券深度報告:首予國泰君安國際(1788.HK)審慎增持評級 目標價1.26港元
格隆匯 05-12 15:13

興業證券發佈研報《國泰君安國際:成本優勢護航融資類業務,差異化策略助推財富管理》,首次正式覆蓋並給予國泰君安國際(1788.HK)“審慎增持”評級,目標價1.26港元,較現價有約26%的升幅。

興業指出公司從規模控制、借貸結構優化及風險撥備計提等多維度採取比市場更為審慎的孖展業務政策,截止2019年底貸款業務調整基本完成,下階段增長公司將以差異化的財富管理業務為增長點,興業證券建議投資者予以關注。

同時,其亦指出公司擁有穆迪Baa2、標準普爾BBB+長期“投資級”信用評級,領先大部分同行;投行業務逐步確立市場領先地位,2019年亞洲(除日本)高收益債承銷金額及數量分別排名行業第四和第二。

此外,相較於購買或租用交易系統的香港本地券商,公司自研系統對客户和公司的更新需求反應更快。隨着對IT部門投入的加大,IT容量安全邊際充足,可靠、高效的系統和平台為業務開展奠定基礎。2020年3月,公司全新官網正式上線,主打財富管理專家定位。

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