Analyst Research Report Snapshot

Title:

玉山金控 (2884 TT, NT$20.0, 持有): 評等由「增加持股」調降至「持有」

Price:

$46.00

Provider:

KGI Greater China

Date:

28 Oct 2013

Pages:

6

Type:

AcrobatPDF

Companies referenced:

2884.TW

Available for Immediate Download
Summary:

股價上漲空間有限;潛在海外擴張計畫恐帶來增資需求 前三季獲利強勁,年增16%至65.7億元,達到我們全年預估77%;2013與2014年獲利年增率預估維持不變,分別為21%與10% 2013年核心營收成長展望維持10%,其中手續費收入仍為亮點 優異獲利可支撐國內業務成長;惟潛在海外擴張計畫恐帶來增資需求 12個月目標價自21元上修為21.6元,係根據1.3倍2014年每股淨值預估;考量股價上漲空間有限以及增資需求的不確定性,將投資評等下調至「持有」 公司股價於過去三個月表現超越大盤與金融類股指數6.9%與6.4%,主因獲利表現優異。現價相當於2014年每股淨值預估的1.2倍,接近歷史區間0.7-1.3倍的高檔。根據2014年每股淨值預估並維持目標股價淨值比1.3倍,將12個月目標價自21元上修為21.6元,隱含上檔8%。基於市佔提高及交叉銷售,我們預期公司各主要獲利推手將繼續強勁成長。惟考量股價上檔空限以及增資需求的不確定性,我們將公司投資評等由「增加持股」下調至「持有」。

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