[ET Net News Agency, 31 March 2021] HSBC Global Research lifted its target price for
CITIC Limited (00267) to HK$8.5 from HK$6.6 and upgraded its rating to "buy" from "hold".
The research house said CITIC's net profit for last year came in at HK$56.6bn, beating
market expectations. Despite earnings being dragged by the pandemic hit in 1H, CITIC was
able to deliver more solid results in 2H.
Meanwhile, the payout ratio was maintained at a historically high level of 25% for 2020,
giving an attractive 7% yield. HSBC now estimated an 11% net profit CAGR during 2020-23,
accelerating from the 6% CAGR in 2015-20. (KL)