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<Research> G Sachs Raises CITIC Securities (06030.HK) TP to HKD29.95, Maintains Neutral Rating
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G Sachs published a research report stating that CITIC Securities (06030.HK) reported 1Q revenue of RMB23 billion and net profit of RMB10 billion, representing YoY growth of 41% and 53%, respectively, in line with its preliminary results. Most business lines delivered better-than-expected performance driven by record-high average daily turnover in the industry, except for the investment banking segment. Brokerage commission income rose 48% YoY to RMB4.9 billion, asset management revenue increased 37% YoY to RMB3.5 billion, investment income grew 32% YoY to RMB12 billion, while net interest income reached RMB1 billion. G Sachs raised its revenue and net profit forecasts for CITIC Securities for 2026 to 2028 by an average of 4% and 8%, respectively. The target price-to-earnings ratios for the A shares and H shares remain unchanged at 16x and 11x, respectively. The H-share TP was lifted from HKD28.13 to HKD29.95, while the A-share TP was raised from RMB37.54 to RMB39.96. The broker maintained a Buy rating on CITIC Securities' A shares and a Neutral rating on its H shares. (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
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