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06837 HAITONG SEC
RTNominal up3.740 +0.020 (+0.538%)
Research Report

20/01/2021 16:08

{I-bank focus}Derivatives seen catalyst for Chinese brokers

[ET Net News Agency, 20 January 2021] UBS Global Research said derivatives could be the
next catalyst to drive growth, enhance earnings quality and improve the industry landscape
for the mainland Chinese securities industry.
The research house said the sector's valuation of only 0.8x 2020 P/BV suggests much
investor concern on competition, which could be addressed by market reform including
derivatives.
UBS said the Chinese derivatives market is significantly more concentrated than other
securities segments, with the top-5 securities firms having a market share of 80%, versus
26% for brokerage and 27% for total revenue.
It expects this to drive a valuation re-rating for domestic leaders. On derivatives, the
next catalysts include regulatory loosening and new product launches, including equity
index futures and options, single stock options, as well as the interest rate and currency
products. UBS revised its target prices for the Chinese brokers it covers as follows:
Name Rating Price Target
--------------------------------------------------------------------
CITICS (06030) Buy HK$27.00 from HK$24.70
CSF (06066) Buy HK$16.50 from HK$15.30
Huatai Sec (06886) Buy HK$18.40 from HK$17.50
Haitong Sec (06837) Buy HK$10.20 from HK$10.80
Everbright Sec (06178) Neutral from Sell HK$7.60 from HK$6.40
Galaxy Sec (06881) Sell HK$4.50 from HK$4.00

(KL)

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