Morgan Stanley lowered its target price for China Renaissance Holdings (01911) to HK$17.55 from HK$21.18 and maintained its "equal-weight" rating.
The research house assumed a 10.1x 2020 P/E multiple (versus 14.0x 2019 P/E previously), based on the average trading multiple of listed boutique investment banks Moelis, Houlihan Lokey, Greenhill, Evercore, and Lazard as comparable peers.
Morgan said China Renaissance offers full life cycle coverage of entrepreneurial companies and maximum value-added. Its licenses in mainland China, Hong Kong, and the US enables synergies between CR's FA (financial advisory), PE (private equity), and IPO underwriting businesses.
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