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《大行報告》匯豐研究下調中資券商目標價 看好中信證券(06030.HK)和中金(03908.HK)
匯豐研究發表報告指,該行覆蓋研究的中資券商股股價於4月表現疲弱,其中H股平均下跌8%,A股平均跌10%,表現較恆指及滬深300分別跌4%及6%爲差,相信人行降準25點子未足以恢復投資者的信心及風險胃納。 該行將7間雙重上市的中資券商首季業績作比較,得出平均純利按年下跌30%,估計是因經紀費用收益及投資回報下降。爲反映年初至今的市場活動疲弱,該行將行業今年的日均交易量及孖展融資餘額增長預測下調最多8%。 匯豐研究同時下調中資券商股目標價6%至15%(另見表),行業中看好中信證券(06030.HK)和中金(03908.HK),其中認爲中信證券有防守性,且於多個業務處龍頭位置。至於中金的估值吸引,現價較長期平均低兩個標準差。
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