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01776 GF SEC
RTNominal unchange6.620 0.000 (0.000%)
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17/09/2018 09:31

[I-bank focus]Citi lowers GF Securities (01776) to HK$11.43

[ET Net News Agency, 17 September 2018] Citi Research lowered its target price for GF
Securities (GFS)(01776) to HK$11.43 from HK$20.5, and maintained its "buy" rating.
The research house said GFS's 1H NPAT of RMB3bn accounts for 41% of FY2018 consensus
forecast. NPAT in 2Q was down by 35.8% y-y, dragged by higher CIR and partly offsetting by
better tax rate.
Citi revised down its FY2018/19 earnings forecasts for GFS by 36%/ 29.2%. It believes
that GFS, as the largest non-state controlled broker, differentiates itself from peers
with a leading SME-focused investment bank, market-leading wealth/asset management
business and market-oriented business mechanism. The ongoing China Financial Reform, rapid
growth of SMEs would benefit GFS (KL)

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