[ET Net News Agency, 13 November 2017] Daiwa Research raised its target price for GF
Securities (GFS)(01776) to HK$17.5 from HK$17, and maintained its "hold" rating.
The research house said GFS had 32 companies in its IPO pipeline as of 2 November, three
of which have already obtained CSRC listing approval.
As per management, GFS' brokerage commission rate saw its declining trend moderate in
3Q. The lowest commission rate for new brokerage accounts stands at 2.5-3bps, and GFS
expects it to stabilise at this level.
Daiwa trimmed its 2017-19 net profit by 1-3% on lower Investment banking (IB) revenue
forecasts. (KL)