[ET Net News Agency, 8 October 2020] Morgan Stanley lowered its target price for GF
Securities (01776) to HK$9.48 from HK$9.6 and maintained its "underweight" rating.
The research house revised up its 2020-22 earnings estimates by 15%, 10%, 8%,
respectively, mainly on (1) higher market average daily turnover (ADT), which Morgan
raised to Rmb820bn, Rmb835bn, Rmb825bn in 2H 2020, 2021, 2022, versus previously Rmb740bn,
Rmb730bn, Rmb710bn, respectively. Year-to-date/3Q ADT averaged Rmb838bn/ Rmb1.01tn; and
(2) Higher investment yield, given 1H trend.
Morgan noted that the 6-month market access ban from sponsoring and a 12-month ban from
bond underwriting may result in GF Sec missing out on a large part of the coming
development in direct financing. Morgan sees muted growth in asset management's
contribution to total revenue in 2020. (KL)
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01776 GF SEC
Nominal 
7.290 -0.080 (-1.085%) Research Report
08/10/2020 17:50
{I-bank focus}Morgan trims GF Securities (01776) to HK$9.48
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