UBS Raises CITIC Securities TP to HKD36.8; 1Q Results Outperform Peers
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UBS has raised the target price for CITIC Securitiesfrom HKD35.6 to HKD36.8, maintaining a Buy rating. The company's 1Q results showed operating revenue of RMB23.2 billion and a net profit of RMB10.2 billion, reflecting year-on-year growth of 41% and 55%, respectively. The performance is noted as one of the strongest in a decade, with significant increases in net brokerage, investment banking, and asset management incomes. UBS also adjusted its net profit forecasts for CITIC Securities for 2026-2028 upwards by 3% based on these results.
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