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06886 HTSC
RTNominal up8.940 +0.020 (+0.224%)
Research Report

17/07/2020 11:55

{I-bank focus}Nomura raises HTSC (06886) to HK$20.05; "buy"

[ET Net News Agency, 17 July 2020] Nomura raised its target price for Huatai Securities
(HTSC)(06886) to HK$20.05 from HK$16.29 and maintained its "buy" rating.
The research house lifted its FY2020-22 A-shares market ADT (average daily turnover) by
28%/44%/52%, and increased FY2020-22 A-shares IPO volume growth to 80%/50%/50% from
50%/30%/30%.
Nomura has seen a recovery in HTSC's underwriting business, with its equity underwriting
revenue having grown to CNY459mn in 1H 2020 from CNY127mn in 1H 2019. It believes the
recovery was mainly driven by the launch of the STAR Board in July 2019 and the company
leveraging its coverage in Jiangsu, Shanghai, and Guangdong.
It thinks HTSC will continue to expand its retail customer base, leveraging on its
strong technologies and aggressive customer acquisition strategy, which can lay a solid
base for the transformation of retail business. (KL)

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