[ET Net News Agency, 13 September 2019] Morgan Stanley lowered its target price for
China Renaissance Holdings (01911) to HK$17.55 from HK$21.18 and maintained its
"equal-weight" rating.
The research house assumed a 10.1x 2020 P/E multiple (versus 14.0x 2019 P/E previously),
based on the average trading multiple of listed boutique investment banks Moelis, Houlihan
Lokey, Greenhill, Evercore, and Lazard as comparable peers.
Morgan said China Renaissance offers full life cycle coverage of entrepreneurial
companies and maximum value-added. Its licenses in mainland China, Hong Kong, and the US
enables synergies between CR's FA (financial advisory), PE (private equity), and IPO
underwriting businesses. (KL)