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06837 HAITONG SEC
RTNominal up3.850 +0.200 (+5.479%)
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17/09/2018 13:55

[I-bank focus]Citi lowers Haitong Sec (06837) to HK$8.92

[ET Net News Agency, 17 September 2018] Citi Research lowered its target price for
Haitong Securities (HTS)(06837) to HK$8.92 from HK$14.8, and maintained its "buy" rating.
The research house said HTS's 1H NPAT of Rmb3bn accounts for 33.7% of FY2018 consensus
estimate. Key positives include: investment banking income was up 19% in 2Q, net interest
income was up 68%, and leverage ratio was up 0.09x q-q to 4.90x. Key negatives: brokerage
commission fell 24%, proprietary trading income was down 76%, asset management income fell
10%, and CIR (cost income ratio) was up 1.8ppt y-y to 55%.
Citi revised down its FY2018/19 earnings forecasts for HTS by 38%/ 21.9%. (KL)

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