[ET Net News Agency, 8 October 2020] Morgan Stanley lowered its target price for
Haitong Securities (06837) to HK$7.08 from HK$7.54 and maintained its "underweight"
rating.
The research house raised its 2020-22 earnings estimates by 14%, 12%, and 12%,
respectively, mainly on higher market average daily turnover (ADT), which Morgan increased
to Rmb820bn, Rmb835bn, and Rmb825bn in 2H 2020, 2021, and 2022 versus previously Rmb740bn,
Rmb730bn, and Rmb710bn, respectively. ADT averaged Rmb838bn year-to-date and Rmb1.01tn in
3Q. Also, lower provisions post the provision charges on Luckin in 2Q.
Morgan sees likely more provisions to charge due to exposure to Luckin. It also believes
that more exposure to overseas markets may lead to higher volatility in performance in
case of uncertainties in HK and US-China tensions. (KL)
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06837 HAITONG SEC
Nominal 
3.530 -0.010 (-0.282%) Research Report
08/10/2020 17:26
{I-bank focus}Morgan cuts Haitong Sec (06837) to HK$7.08
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