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06881 CGS
RTNominal down4.280 -0.010 (-0.233%)

13/09/2019 11:23

{I-bank focus}Morgan raises CGS (06881) to HK$4.87

[ET Net News Agency, 13 September 2019] Morgan Stanley raised its target price for
China Galaxy Securities (CGS)(06881) to HK$4.87 from HK$4.78 and maintained its
"equal-weight" rating.
The research house said CGS has the highest revenue contribution from brokerage business
among peers and is most sensitive to rising A-share market turnover. It is less affected
by a tight regulatory environment with lower exposure in the non-brokerage business.
Morgan said CGS' current valuation at 0.5x 2020 BVPS (book value of equity per share) is
lower than the average P/B of 0.8x for brokers under Morgan's coverage, but it believes
CGS is fairly valued given its high reliance on brokerage business, which could lead to
uncertainties amid volatile market trading volume. (KL)

Remark: Real time quote last updated: 24/01/2020 17:59
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