野村:中信證券(6030.HK)供股可緩資金壓力 維持H股買入評級
野村發表研究報吿指,中信證券(6030.HK)A、H股擬同步供股,儘管配股將有即時稀釋淨資產收益率的可能,但預期長遠將可進一步增強公司在市場上的領先地位,維持H股買入評級,目標價為24.89港元;A股則予其減持評級,目標價看21.35元人民幣。
野村表示,中信證券是次配股最多發行19.4億股,集資最多280億元人民幣,意味每股供股價料為14.4元,較公司A、H股上一個交易日收市價分別溢價53%及103%,並估計供股可能會稀釋公司今年每股盈利及資產收益率。
該行認為,倘若中信證券供股成功,將有紓緩其流動性及資金壓力,因在快速擴張及增加資本密集業務私信貸風險後,公司去年首9個月信貸撥備達50億元人民幣,去年上半年流動性覆蓋率及淨穩定資金比率進一步下降至135.33%及123.16%。

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