《大行報告》美銀證券下調中金公司(03908.HK)目標價至13.5元 第三季淨利潤遜預期及同業
美銀證券發表報告指,中金公司(03908.HK)第三季純利10億元人民幣,按年下跌52%,較上半年的跌幅22%擴大,亦差過該行預期的跌幅35%,該季度表現是中金近年最差,主要因爲監管趨緊、以及比較基數高,令保薦費用按年下跌68%。經紀及資產管理收入的跌幅符合市場預期,首三季交易收入按年跌2%,較市場預期爲佳,一般行政開支仍然偏高,成本對收入比率爲70%,高於去年全年的65%,主要受疫後重啓的交通開支影響。
該行將中金公司今明兩年盈利預測下調11至12%,以反映新股上市收緊,對中金公司目標價由13.95元下調至13.5元,維持「跑輸大市」評級,主要因爲盈利及股本回報趨勢令人失望。公司近期管理層變動,令投資者關注策略會否轉變,該行認爲,在目前市況下,轉向審慎風格並非負面,但低槓桿及資金受限會影響股本回報,引致持續被降級。
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