[ET Net News Agency, 12 January 2018] Credit Suisse initiated coverage on CSC Financial
(CSC)(06066) with a "neutral" rating and a target price of HK$8.
It said CSC has a large exposure to the bond market. As of end-1H 2017, bonds accounted
for 71% of its financial investment. Volatilities and tightened regulations in the bond
market cast a shadow on its business outlook.
Credit Suisse said investment banking was CSC's second-largest revenue contributor in
2016 and it ranked second in terms of both equity and bond underwriting in 2017 and
achieved over 90% project approval rate. The research house believes it will continue to
benefit from an increasing demand for direct financing.
Credit Suisse forecast 16% earnings growth and 10% ROE in 2018. (KL)
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06066 CSC
Nominal 
5.860 +0.100 (+1.736%) Others
12/01/2018 14:27
[I-bank focus]Credit Suisse starts CSC (06066) at HK$8
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