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《大行報告》摩通升國泰君安(02611.HK)及中國銀河(06881.HK)評級至「增持」 首選中金公司(03908.HK)及中信證券(06030.HK)
摩根大通發表研究報告指,中資券商年初至今股價表現跑贏國企指數和滬深300指數,相信未來6至12個月仍有上行空間,主要受普遍券商股估值不高及市場盈利預測上調所支持。 該行指出,監管不確定性上升,市場情緒因而受到抑制,但認爲與2018年相比,相關因素對券商收入增長及資產負債表風險的影響應該更容易管控。 摩通首選中資券商爲中金(03908.HK)及中信證券(06030.HK),予「增持」評級,目標價分別上調至30.7及24.4元。該行並將國泰君安(02611.HK)及中國銀河(06881.HK)評級由「中性」升至「增持」;上調招商證券(06099.HK)評級由「減持」升至「中性」;並維持廣發證券(01776.HK)「中性」評級。詳見另表。 摩通指,投資銀行業務、衍生產品和每日平均成交量均推動盈利上升,同時相信資產負債表風險可控,上半年業績向好,認爲資本市場改革及A股市場制度化仍有利中國券商發展,中金及中信證券料爲主要受惠者。
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