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

10/10/2019 16:49

{I-bank focus}HSBC cuts Galaxy Securities (06881) to HK$4.4

[ET Net News Agency, 10 October 2019] HSBC Global Research lowered its target price for
Galaxy Securities (CGS)(06881) to HK$4.4 from HK$5 and maintained its "hold" rating.
The research house said better investment income and lower impairment saw net profit
grow 98% in 1H. The company is reliant on brokerage business which generates 80% of fee
income. CGS also has the highest SPL (stock-pledged lending) exposure among HSBC's covered
brokers as of 1H (10% of total assets), with only 0.4% provisions charged on the balance
sheet. This embeds higher credit risks amid unfavorable market conditions.
Meanwhile, it has a funding cost of 5.1%, noticeably higher than 3.5%-4% for major
brokers. HSBC remains cautious about CGS' profitability and stability. (KL)

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