《大行報告》瑞信上調招商證券(06099.HK)目標價至12.1元 評級「跑贏大市」
瑞信發表研究報告,指出招商證券(06099.HK)第三季盈利按年上升122%或按季增16%至29億元人民幣,分別較同業高出50%或低9%。首九個月盈利為73億元人民幣,接近市場對其2020財年的預期。強勁的按年增長主要是因為經紀佣金收入激增;投資收益穩健增長;以及淨利息收入錄強勁連續增長所致。
該行指,公司在7月及8月份發行A/H股後,其總資產按季增長13%。資產分配似乎進一步優化。該行將公司2020至2022年的純利預測分別上調29%、33%及28%,以反映第三季盈利表現好過預期,以及在更強大資本基礎上提高盈利能力。目標價由原來的9.5元上調至12.1元。維持「跑贏大市」投資評級。
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