[ET Net News Agency, 23 March 2021] Credit Suisse cut its target price for CITIC
Securities (06030) to HK$22.5 from HK$23 and maintained its "outperform" rating.
The research house said CITIC Securities' 4Q 2020 net profit growth of 31% was led by
(1) a 192% surge in net interest income; (2) strong growth in IBD (Investment Banking
Division), brokerage and AM (asset management) fees. The adjusted cost-to-income ratio
(excluding impairment) shrank 2.8 pp to 56.8%.
Credit Suisse fine-tuned FY2021-22 EPS forecasts by -1.4%/1.3%. (KL)