Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research> UBS Raises CITIC Securities (06030.HK) TP to HKD36.8; 1Q Results Outperform Peers
Recommend 4 Positive 6 Negative 5 |
||||
|
||||
|
UBS published a research report stating that CITIC Securities (06030.HK) recorded operating revenue of RMB23.2 billion, net profit of RMB10.2 billion and recurring net profit of RMB10.2 billion in 1Q, representing YoY growth of 41%, 55% and 57%, respectively. Non-annualized return on equity reached 3.5%, marking one of the strongest quarterly performances in the past decade. The 1Q results were in line with the preliminary results and should outperform most listed peers, benefiting from comprehensive YoY growth across all major business segments. The bank noted that net brokerage income in 1Q rose 48% YoY, lower than the 79% increase in average daily turnover of A-share equities, mainly due to a decline in commission rates. Net investment banking income increased 24% YoY, while net asset management income grew 37% YoY. Total investment income rose 32% YoY, primarily driven by gains from fair value changes. Net interest income reached RMB1.1 billion, compared with a loss of RMB200 million in the same period last year. UBS lifted its net profit forecasts for CITIC Securities for 2026 to 2028 by 3% to reflect the 1Q results. The TP was raised from HKD35.6 to HKD36.8, with the Buy rating maintained. (ec/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
AASTOCKS Financial News |
||||
Copied to Clipboard
 |
||||
