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06030 CITIC SEC
RTNominal up12.260 +0.720 (+6.239%)
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15/05/2018 17:27

[I-bank focus]UBS raises CITIC Securities (06030) to HK$20

[ET Net News Agency, 15 May 2018] UBS Global Research raised its target price for CITIC
Securities (06030) to HK$20 from HK$17.8 reflecting its higher earnings forecast, and
retained its "neutral" rating.
The research house believes CITICS's well-established institutional platform and
leadership position in asset management (AM) is likely to benefit from market
institutionalisation and a potential shift of investment demand towards actively-managed
products.
However, with the stock already up 17% year-to-date and trading at 1.17x 2018 P/BV
(highest in UBS's coverage), UBS thinks the positive themes are mostly priced in. It
raised its 2018-20 NPAT forecasts by 7-8%, based on our slightly higher sector ADT
assumptions and an improved AM growth outlook. (KL)

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