[ET Net News Agency, 19 June 2019] Daiwa Research trimmed its target price for GF
Securities (GFS)(01776) to HK$8.4 from HK$10 and maintained its "hold" rating.
The research house said GFS' net brokerage fee income in 1Q grew by 10%, slower than
A-share ADT's (Average Daily Turnover) rise of 23%, likely due to its continued brokerage
market-share loss and industry brokerage commission decline. GFS' stock brokerage market
share declined to 4.4% in 2018 from 4.5% in 2017.
Its margin finance business faced a similar situation in 2018, with its margin lending
balance market share falling by 0.2pp YoY to 5.3% at end-2018. GFS' advances to customers
(mainly margin loans) rose by only 12% QoQ in 1Q versus industry margin lending balance
growth of 22% QoQ.
Daiwa lowered its 2019-20 EPS forecasts by 25-27% to reflect its lower sector-wide
capital-market assumptions. (KL)
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01776 GF SEC
Nominal 
6.900 -0.060 (-0.862%) Research Report
19/06/2019 10:33
[I-bank focus]Daiwa trims GF Securities (01776) to HK$8.4
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