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<Research>UBS Expects CN Brokers' Earnings to Further Recover; Top Picks CITIC SEC/ HTSC w/ TPs Raised Broadly
UBS has released a report raising its 2025 earnings forecasts for Chinese brokers by an average of 10% based on its new forecasts and the results of 1-3Q24. Amid intensified compet...
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<Research>UBS Expects CN Brokers' Earnings to Further Recover; Top Picks CITIC SEC/ HTSC w/ TPs Raised Broadly
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UBS has released a report raising its 2025 earnings forecasts for Chinese brokers by an average of 10% based on its new forecasts and the results of 1-3Q24. Amid intensified competition, the broker selected CITIC SEC (06030.HK)  +1.160 (+5.967%)    Short selling $103.20M; Ratio 17.434%   and HTSC (06886.HK)  +0.580 (+4.841%)    Short selling $9.23M; Ratio 9.600%   as its top picks as both led in wealth management, asset management, institutional business, and overseas business.

UBS' investment ratings and target price changes for Chinese brokers are listed as follows:

Related NewsJPM Ratings, TPs on CN Brokers (Table)
Stock | Investment Rating | Target Price
CITIC SEC (06030.HK)  +1.160 (+5.967%)    Short selling $103.20M; Ratio 17.434%   | Buy | $23.6 -> $30.1
HTSC (06886.HK)  +0.580 (+4.841%)    Short selling $9.23M; Ratio 9.600%   | Buy | $13.1 -> $18.2
CICC (03908.HK)  +0.520 (+4.429%)    Short selling $23.04M; Ratio 8.834%   | Buy | $15.6 -> $19.9
CSC (06066.HK)  +0.490 (+5.426%)    Short selling $6.88M; Ratio 7.338%   | Buy | $9.5 -> $13.8
EB SECURITIES (06178.HK)  +0.320 (+4.476%)    Short selling $1.81M; Ratio 6.655%   | Neutral | $5.57 -> $7.7
CGS (06881.HK)  +0.350 (+5.435%)    Short selling $15.89M; Ratio 6.570%   | Sell | $2.84 -> $4
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-01-14 16:25.)

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