Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research>DBS Slightly Trims TP of HAITONG SEC to $3.5; Potential to Become Largest Broker in CN After Merger
Recommend 4 Positive 5 Negative 1 |
||||
|
||||
|
DBS noted in a report that HAITONG SEC (06837.HK)'s first-half profit crashed 75% YoY, missing market expectations, mainly due to poor performance in investment income and fee income. DBS lowered its profit forecasts on HAITONG for this year and next year by 36% and 40% to reflect weaker investment income and lower prospects for its onshore business. DBS also expected cost synergies from a potential merger of HAITONG and Guotai Junan Securities, which is expected to boost the company's profitability and potentially make it the largest stock brokerage in China in terms of assets. Still, the extent to which this can be realised is uncertain as the integration of the two firms, which are similar in business and size, will take time. DBS maintained its Hold rating on HAITONG with the target price slightly trimmed from $3.6 to $3.5. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
