[ET Net News Agency, 20 July 2020] Morgan Stanley raised its target price for China
Galaxy Securities (CGS)(06881) to HK$6.02 from HK$4.62 and maintained its "equal-weight"
rating.
The research house said CGS has a higher revenue exposure to brokerage business with a
client base more skewed to retail. Its operating efficiency is thus lower.
However, its higher revenue exposure to equity-related business gives CGS greater
leverage to A-share rise or increase in average daily turnover (ADT) and could
periodically present good trading opportunities. (KL)