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09/01/2020 17:39

{I-bank focus}DBS starts Haitong Sec (06837) at HK$12.2

[ET Net News Agency, 9 January 2020] DBS Group Research initiated coverage on Haitong
Securities (06837) with a "buy" rating and a target price of HK$12.2.
The research house Haitong is a leading comprehensive brokerage service provider with
balanced businesses ranging from brokerage, investment bank, asset management, margin
finance, and proprietary trading.
The broker expanded its business scope to cover lease financing services, by leveraging
its industry knowledge from the brokerage business. Lease financing accounted for 9% of
its asset/revenue in 1H 2019.
The market may be concerned about its credit risk exposure from the leasing business and
is placing a discount on its valuation. However, DBS noted that Haitong is currently
focusing on de-risking its leasing business, which is a move in the right direction,
especially amid the current macro uncertainties. (KL)

Remark: Real time quote last updated: 27/05/2020 07:48
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