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《大行報告》大摩上調中資券商股目標價 重申「增持」中金公司(03908.HK)
摩根士丹利發表報告指,市場已就中資券商削減員工薪酬和其他費用的潛在窗口指導討論一段時間,且討論於中紀委在2月23日發布關於反腐敗的文章後似乎有所增加。而該行注意到員工薪酬是行業主要成本,平均佔券商營運支出的70%,於2021年的成本收入比約為55%。 該行提到,中信証券(06030.HK)、中金公司(03908.HK)及華泰證券(06886.HK)等龍頭券商的薪酬、差旅及其他費用成本有節省空間,因有關企業的人均薪酬高於平均水平,部分節省的成本可用於支持實體經濟。不過,大摩亦注意到經紀佣金的下調空間有限,券商可更致力於改善資本市場服務,和基於註冊制IPO下的增值,以保護投資銀行的費用收入。 大摩又認為,行業潛在的削減開支窗口指導,對龍頭中資券商今年的盈利有正面作用,但在市場導向程度較低的環境中,企業長期競爭力或會受到影響。該行上調中資券商股目標價(另見表),並重申對中金公司的行業唯一「增持」評級。
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