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<Research>G Sachs Lifts TPs on CITIC SEC, GF SEC, Cuts TP on CICC
Recommend 21 Positive 28 Negative 17 |
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Based on the 3Q24 results of the five Chinese brokers under tracking, Goldman Sachs raised its forecasts for core revenue and earnings for 2025 by 6% and 5% respectively, expecting trading volumes to ascend. The broker cut the target price of CICC (03908.HK) from $15.86 to $14.68, with a Buy rating; and added the target prices of CITIC SEC (06030.HK) and GF SEC (01776.HK) by 8.6% and 5.9% to $18.34 and $9.93 respectively, with both ratings kept at Neutral. The broker also raised its earnings forecast for FUTU (FUTU.US) by 89%, expecting it to ride on improving market conditions, and maintained the rating at Neutral. The broker said that the main reasons for the adjusted earnings forecast and target price were the mixed results from strong investment gains, a recovery in investment banking, weak asset management revenues, and cost controls. AAStocks Financial News |
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