[ET Net News Agency, 15 May 2018] UBS Global Research raised its target price for
Huatai Securities (HTSC)(06886) to HK$21 from HK$19.5, and upgraded its rating to "buy"
from "neutral".
It believes that HTSC is well positioned amid potential market institutionalisation,
given its strong institutional and asset management (AM) platform. Ongoing AM reform could
encourage shifting household investment to more actively-managed products, which would be
a catalyst for HTSC's AM business.
UBS views HTSC's recent share pullback of 20% from its January peak as an opportunity -
HTSC is trading at 1x 2018 P/BV, still at a 19% discount to CITIC Securities (06030) but
with similar ROE prospects.
The research house believes HTSC's underperformance versus CITIC Securities year-to-date
suggests investor positioning in HTSC is less crowded for the MSCI inclusion theme. (KL)
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06886 HTSC
Nominal 
9.570 +0.680 (+7.649%) Others
15/05/2018 17:22
[I-bank focus]UBS upgrades HTSC (06886) to "buy" and HK$21
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