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瑞银:维持中金公司(03908)“买入”评级 目标价下调至16.5港元

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瑞银发布报告称,维持中金公司(03908)“买入”评级,去年“滚雪球”式衍生产品的盈利能力亦预期下降,因此将2023至2025年盈利预测下调15%至27%,目标价从21港元下调至16.5港元。

报告中称,公司将于3月28日收市后公布2023年度业绩,预期投资银行及衍生产品业务将成为主要拖累因素,当中投行收入贡献较高,占2022年度收入约27%,对比行业平均水平仅13%。该行指出,去年市场的IPO及再融资承销额同比大减34%及22%,令中金的市场份额也有所缩减,预期由2022年的10%及17%,降至约9%及14%。

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