《大行报告》瑞银首予中金公司(03908.HK)「买入」评级 目标价30.6元
瑞银发表研究报告,首予中金公司(03908.HK)「买入」评级,目标价30.6元。
该行指,对中国资本市场改革看法较保守,但相信随着持续的政策监管发展与产业整合,中金会成为其中一名主要受惠者,预期其股本回报可由今年的10.5%,扩至2023年的13.5%,主要由投资银行与衍生工具业务带动。目前H股较A股折让幅度达70%,相信未完全反映其潜在增长。
该行指,相信公司在投资银行与衍生工具的领导地位可支持未来3年股本回报率的扩张,虽然近期市场疲弱,如日均成交量、基金发行、IPO等,但相信中国市场改革仍然大致处於正确轨道,中期仍有催化剂,如持续的国际化进程、进一步放宽股本融资和衍生工具等。
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