花旗：受強勁的費用收入和業績推動 國泰君安國際(1788.HK)上半年表現強勁
國泰君安國際(1788.HK)中期業績發佈後，花旗發佈新研報稱，受強勁的費用收入和業績推動，國泰君安國際2020年上半年表現強勁。期內股東應占溢利為6.06億港元，同比增長136%，佔2020財年財務報告預測的61%。
花旗表示，1）國泰君安經紀業務表現強勁，扣除一次性配售費用，同比增長21%，手續費與港交所成交量增長基本一致。2）得益於投資組合的風險消除措施，即使在3月份市場極度波動期間，公司也沒有出現重大違約。3）國泰君安資產管理規模擴張，財富管理資產規模同比增長17%至222億港元，自2018年底以來幾乎翻了兩番。4)成本控制良好，同比下降3%，主要歸因於員工成本的降低，財務成本按年下降1%以及較好的管理。
花旗認為，在充滿挑戰的市場環境下，這是一組非常強勁的盈利數據。將近90%的投資/市場損失已在6月底恢復，且在7月底已恢復幾乎所有的損失。花旗還稱，國泰君安國際將資產負債表擴大了29%，主要用於保證金貸款，支持客户的金融資產，並利用估值較低的優勢，在3月份左右擴大了其金融資產。國泰君安國際完全為客户配置資產的獨特地位，使其有別於低成本的經紀商，並免受經紀業務利潤率壓縮的影響。更大的資產負債表可能進一步推動收益增長。公司的淨資產收益率目標為10%以上，而今年上半年的淨資產收益率為9.4%。
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