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06178 EB SECURITIES
RTNominal down5.410 -0.030 (-0.551%)
Others

10/09/2019 16:59

{I-bank focus}China brokers' TP hike on improved 2H outlook

[ET Net News Agency, 10 September 2019] Goldman Sachs raised its target prices for the
China brokers and asset managers by 10%/5% on average, on higher FY2019 earnings estimates
(4%/3% on average, respectively) and better risk-reward for H-share brokers on trough
valuation.
In addition to an A-share market gain, the research house also expects the following
catalysts: further capital market reform measures and STAR market revenue booking in 3Q.
Meanwhile, the Chinese government sent strong loosening signals in both fiscal and
monetary policies on 4 September, which has made Goldman turn more positive on the A-share
market.
In light of the above, Goldman revised up its 2H CSI300 index return assumption to +10%
(versus 0% previously), which support a 16% NPAT upward revision to its covered brokers in
2H (or +4% for FY2019 NPAT), implying 74% growth from a low base in 2H 2018.
Name Target Price Rating
-------------------------------------------------
CITICS (06030) HK$16.93 to HK$19.49 Buy
GTJA (02611) HK$12.66 to HK$13.32 Neutral
HTS (06837) HK$9.62 to HK$10.59 Buy
GFS (01776) HK$8.67 to HK$9.93 Neutral
HTSC (06886) HK$14.21 to HK$15.58 Buy
CGS (06881) HK$4.28 to HK$4.89 Neutral
CMS (06099) HK$9.70 to HK$10.95 Neutral
CSC (06066) HK$6.98 to HK$7.84 Buy
CES (06178) HK$5.58 to HK$5.58 Sell
DFZQ (03958) HK$4.21 to HK$4.67 Sell
CICC (03908) HK$17.24 to HK$18.45 Buy
SWHY (06806) HK$2.48 to HK$2.81 Neutral

(KL)

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