小摩:中金合并相关抛售创造买入机会,重申“增持”评级

智通财经
Sep 09
【小摩:中金合并相关抛售创造买入机会,重申“增持”评级】摩根大通发表研报指出,中金公司A股及H股上日分别下跌3%及7%,跑输A股及H股券商同业约2个百分点及5个百分点。该行认为,弱势主要由合并相关技术性因素驱动,而非基本面恶化,现水平可视为买入机会;事件驱动资金流影响应随交易接近完成而逐步消退,而该行料中金公司第三季经营趋势可强于同业。中金已获证监会批准与东兴证券及信达证券合并,该行估计合并在静态基础上或对每股盈利及股本回报率构成高单位数至低双位数百分比拖累,但预期2027年股本回报率可回升至11.9%,因合并协同效应可抵销摊薄。第三季业绩或成催化剂,受惠于零售经纪敞口相对较低、机构业务持续强劲,以及长鑫科技相关投资收益。该行重申予中金“增持”评级,H股目标价维持30港元,并视其为板块首选。

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