[ET Net News Agency, 8 October 2020] Morgan Stanley lowered its target price for China
Galaxy Securities (CGS)(06881) to HK$5.45 from HK$6.02 and maintained its "equal-weight"
rating.
The research house raised its 2020-22 earnings estimates by 13%, 10%, 8%, respectively,
mainly on higher market average daily turnover (ADT), which Morgan increased to Rmb820bn,
Rmb835bn and Rmb825bn in 2H20, 2021, and 2022 versus previously Rmb740bn, Rmb730bn and
Rmb710bn, respectively. Year-to-date and 3Q ADT averaged Rmb838bn and Rmb1.01tn,
respectively.
Morgan said higher revenue exposure to equity-related business gives Galaxy greater
leverage to A-share rise or increase in ADT and could periodically present good trading
opportunities. (KL)
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06881 CGS
Nominal 
3.900 +0.010 (+0.257%) Research Report
08/10/2020 17:35
{I-bank focus}Morgan Stanley lowers CGS (06881) to HK$5.45
| Remark: | Real time quote last updated: 25/04/2024 10:18 |
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