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《大行報告》大和首予中金公司(03908.HK)「買入」評級 目標價32元
阿思達克 01-25 12:08
大和發表研究報告指出,2020年中金公司(03908.HK)的股本回報率約爲12%,較該行覆蓋的9家中資券商高出3.1個百分點,預測中金的有關優勢將進一步擴大至4.4個百分點,股本回報率於2023財年升至16.9%。 該行補充,中金在收入方面,大部分涉及高股本回報率的業務組合,其2020年費用收入佔經營利潤約48%,高過同業的39%;其風險管理嚴格,而在IT力的支持下,財務槓桿運作較同業高;公司現代化的組織結構,有效的激勵機制及強大的內部文化,支持「一箇中金」戰略。如執行良好,該行認爲有關元素將有助中金新業務的創新,以及爲其傳統業務領域的市場份額持續增長奠定基礎。 此外,大和認爲中金的經驗和領先地位,可成爲中國資本市場的新興領域(如機構經紀業務、衍生品和在港上市的美國預託證券)的受惠者。首予中金「買入」評級,目標價32元。
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