[ET Net News Agency, 7 December 2020] Morgan Stanley expects key themes supporting
broker stocks' performance to persist: reform and consolidation in a macro recovery and
rotation to late-cycle and financial sectors.
The research house expects registration-based IPOs to roll out to the Main Board in 2H
with growth in short selling and bond issuance. Morgan expects encouragement for pension
investments in capital markets and funds to see support from investors.
It revised the price targets and ratings for the China Securities firms as follows:

Name Target Price Rating
-------------------------------------------------------------------------------------
CITIC Sec (06030) HK$22.56 from HK$22.35 "overweight"
HTSC (06886) HK$15.59 from HK$16.06 "equal-weight"
CICC (03908) HK$25.12 from HK$23.11 "overweight"
Haitong Sec (06837) HK$7.39 from HK$7.08 "underweight"
GF Sec (01776) HK$11.93 from HK$9.48 "underweight"
CMSC (06099) HK$14.64 from HK$10.54 "overweight" from "equal-weight"
CGS (06881) HK$6.38 from HK$5.45 "equal-weight"
CR Holdings (01911) HK$18.45 from HK$19.95 "equal-weight"

(KL)