匯豐研究:上調國泰君安國際(1788.HK) 評級至“買入” 料2021年股息率超8%
格隆匯11月17日丨匯豐全球研究昨日發研報指,國泰君安國際(1788.HK)母公司國泰君安證券3Q20的少數股東權益按年大增283%,可預見旗下國泰君安國際亦將發佈理想的第三季業績。歷史數據顯示,國泰君安國際的淨利潤與其母公司的少數股東權益有較大關係。 匯豐研究預測公司2021年的股息率為8.1%,較為吸引。基本面方面,公司的股本回報率(ROE)逐步上升,從2H19的個位數升至1H20的雙位數,估計可持續至3Q20。該行亦發現,公司與港交所(0388.HK)在2011至2017年的股價頗有關聯,但自2018年起,公司ROE跌至個位數,兩股出現分歧。隨着公司ROE料於2020年漸入佳境,該行相信長遠可收窄與港交所的差距。 匯豐研究指,參照母公司的佳績,可見國泰君安國際基本面略有改善。且公司估值處歷史低位,意味2021年預測股息率吸引,疊加ROE逐步提升,該行將其評級從“持有”調高至“買入”,維持目標價1.34港元,較11月13日的收盤價1.03港元有30%的潛在上行空間。
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