[ET Net News Agency, 3 June 2020] Morgan Stanley lowered its target price for CITIC
Securities (06030) to HK$19.64 from HK$22.23 and maintained its "overweight" rating.
The research house sees CITIC as having the strongest investment capabilities, evidenced
by its consistent above-peer investment returns. Morgan also likes CITIC, given its strong
IB franchise, and as it is a likely key beneficiary amid reforms.
Morgan believes that CITIC is likely a key beneficiary of capital market reforms with
balanced and top-ranked business setup. It has a strong institutional client base, solid
investment banking pipeline. The Guangzhou Securities acquisition helps expand its reach
in southern China. (KL)