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大行評級|花旗:中金公司與中國銀河的合併計劃長期而言可行
格隆匯 02-28 13:32
花旗發表研報指,認爲中金公司與中國銀河合並存在可能性,且市場自去年初已開始預期。該行表示,對合並計劃將在未來數週內公佈感到懷疑,主要由於中金公司近期出現管理層變動;財政部向匯金(即中金公司母公司)的券商股權轉讓仍在進行中,這可能爲中金公司的券商整合計劃帶來複雜性或延遲。儘管如此,花旗仍認爲上述合併計劃長期而言是可行的。假設換股比率爲2.5 :1,預計中金公司A及H股將分別有約10%及30%的上升空間。另外,該行看好中國銀河,因潛在合併協同效應可能提升其股東權益回報率,並預計中國銀河在2024財年第四季將實現較中金公司更強的盈利表現。
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