[ET Net News Agency, 17 September 2018] Citi Research lowered its target price for
CITIC Securities (CITICS)(06030) to HK$16.4 from HK$23.7, and maintained its "buy" rating.
The research house said CITICS's 1H NPAT of RMB5.6bn accounts for 43% of FY2018
consensus. Key Positives: brokerage commission was up 1.9%, proprietary trading income was
up 15.1%, Asset management income was up 6%, and investment banking income was up 9%. But
net interest income was down 50%.
Citi revised down its FY2018/19 earnings forecasts for CITICS by 16%/10.7%. (KL)