TC

13/09/2019 09:57

{I-bank focus}Morgan lifts CITIC Sec (06030) to HK$18.48

[ET Net News Agency, 13 September 2019] Morgan Stanley lifted its target price for
CITIC Securities (CITICS)(06030) to HK$18.48 from HK$17.15 and upgraded its rating to
"overweight" from "equal-weight".
The research house likes CITICS' well-balanced business drivers and solid fundamentals.
However, considering it is currently trading at 1.0x 2020 P/B (versus the peer average of
0.8x), the upside is less significant compared to some other peers.
With recent regulatory announcements, Morgan expects CITICS to benefit the most in the
near term. Removal of QFII quota is a positive catalyst for the group overall, especially
beneficial for CITICS, which is stronger in institutional business; activating foreign
investments through QFII in addition to Stock Connect (which has become a more popular
channel than QFII prior to the announcement). (KL)

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