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01776 GF SEC
RTNominal down8.650 -0.020 (-0.231%)

13/09/2019 14:03

{I-bank focus}Morgan cuts GF Securities (01776) to HK$10.22

[ET Net News Agency, 13 September 2019] Morgan Stanley lowered its target price for GF
Securities (GFS)(01776) to HK$10.22 from HK$12.33 and downgraded its rating to
"equal-weight" from "overweight" in light of its potential risk exposure and further
provision for Pandion Fund and Kangmei Pharmaceutical (Shanghai code: 600518).
The research house said GF's operations are more flexible and market-oriented, with its
distinctive non-SOE shareholding background among major brokers partly contributing to its
higher ROE.
However, Morgan noted the uncertainties on Pandion Fund and Kangmei Pharmaceutical in
2019. It said GFS is trading at 0.6x 2020 P/B, lower than peer average of 0.8x. (KL)

Remark: Real time quote last updated: 09/04/2020 17:59
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