[ET Net News Agency, 10 October 2019] HSBC Global Research lowered its target price for
Huatai Securities (HTSC)(06886) to HK$13.5 from HK$16.7 and maintained its "buy" rating.
The research house said HTSC maintained its No.1 market share in the brokerage business
in 1H despite modest declines in commission rates. The company has built up a strong
wealth management franchise, leveraging on its successful mobile strategy and integration
of AssetMark. AssetMark's AUM-based income also adds earnings stability.
On the downside, the potential conversion of GDR (Global depositary receipt) could
pressure the company's A-share price, HSBC added. (KL)