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《大行报告》大和下调中信证券(06030.HK)目标价至25元 评级「买入」
阿思达克 03-22 10:49
大和发表研究报告,指中信证券(06030.HK)财富管理业务转型具吸引,管理客户资产去年底按年增72%,平均客户资产达1,200万元人民币,带动公司管理费收入增长39%,财富产品销售收入增124%,相信稳定的数字主要由其领先的产品和交叉销售能力支撑。公司亦正申请资管附属牌照,相信未来可进一步增强管理基金和资产能力。

该行指,管理层指计划中的供股主要是用於公司扩大资管业务(特别是衍生产品),冀进一步扩大资产负债表,扩大产品规模和范围,相信长远回报率可支持5倍杠杆(2020年底4.57倍),不过供股将摊薄今明两年每股盈利7至10%。

该行重申「买入」评级,目标价由27元降至25元。

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