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03908 CICC
RTNominal up8.820 +0.180 (+2.083%)
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12/01/2018 14:56

[I-bank focus]Credit Suisse restarts CICC (03908) at HK$19

[ET Net News Agency, 12 January 2018] Credit Suisse assumed coverage on CICC (03908)
with a "neutral" rating (from "outperform") and a new target price of HK$19 (from
HK$18.6).
While CICC's merger with CISC gives it an opportunity to leapfrog in the wealth
management business, the research house believes the integration is still at an early
stage and the synergy will take time to realise. In particular, CISC's declining brokerage
market share might suggest difficulties in retaining its customers.
It added that CICC's asset management fee more than doubled YoY in 1H 2017, partly due
to strong growth in private equity funds, which, though, could slow down this year based
on its current pipeline and human resources.
Credit Suisse revised its FY2017-19 EPS forecasts by -17.8%/+1.0%/+7.4%. (KL)

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