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06881 CGS
RTNominal up3.890 +0.070 (+1.832%)
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15/05/2018 17:32

[I-bank focus]UBS trims CGS (06881) to HK$5.3; "neutral"

[ET Net News Agency, 15 May 2018] UBS Global Research trimmed its target price for
China Galaxy Securities (CGS)(06881) to HK$5.3 from HK$7.5, and retained its "neutral"
rating as it believes CGS is fairly valued.
The research house reduced its 2018-20 earnings forecasts by 14-15%. It expects CGS's
major business segments to continue being challenged in 2018-20. The company could lose
further brokerage market share, while its underwriting performance in equities and bonds
trails those of peers.
UBS believes CGS's asset management (AM) would benefit less from AM reform than peers
with strong AM arms. The investment segment incurred a loss of Rmb269m, which may have
been due to a weak A-share market. (KL)

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