Morgan Stanley lifted its target price for Haitong Securities (HTS)(06837) to HK$10.05 from HK$9.97 and maintained its "equal-weight" rating.
The research house said HTS' strong contribution to consolidated revenue from overseas business and subsidiaries compared to peers. But it may benefit less than peers from bull
market due to weaker positions in brokerage and asset management relative to its asset
scale.
Morgan said the shares' current valuation at 0.7x 2020 BVPS (book value of equity per share) is slightly lower than peers under Morgan's coverage, given its relatively weaker position in the brokerage business, hence, the research house views it as fair.
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