《大行報告》匯豐研究下調中金公司(03908.HK)目標價至15.1元 下半年收入承壓
匯豐研究發表報告指,中金公司(03908.HK)第二季度淨利潤率21%,按年收窄10個百分點,按季收窄15個百分點,低於該行預測全年34%的水平,因此將今年預測下調5個百分點至29%,以反映利潤率壓力在下半年持續。
對於中證監有意放寬優質券商的資本限制,中金管理層指,不會因此而大力提高槓桿比例,因為需於波動市況下控制風險。
該行預期未來幾個月A股IPO市場維持疲弱,全年A股IPO集資額按年或跌20%,因此海外IPO市場對中金下半年投資銀行業務的表現至關重要,若果香港IPO市場改善則對中金有利。
該行將中金今年至2025年三年期間的純利預測,分別下調24.3%、12.8%及8%,維持「持有」評級,目標價由16.5元下調至15.1元。
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