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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) and HTSC (06886.HK) 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: Stock | Investment Rating | Target Price CITIC SEC (06030.HK) | Buy | $23.6 -> $30.1 HTSC (06886.HK) | Buy | $13.1 -> $18.2 CICC (03908.HK) | Buy | $15.6 -> $19.9 CSC (06066.HK) | Buy | $9.5 -> $13.8 EB SECURITIES (06178.HK) | Neutral | $5.57 -> $7.7 CGS (06881.HK) | Sell | $2.84 -> $4 AAStocks Financial News |
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