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G Sachs Raises GF Securities (01776.HK) TP to HKD18.26, Rating Neutral
Recommend 5 Positive 5 Negative 2 |
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G Sachs published a research report stating that GF Securities (01776.HK) delivered strong results for fiscal year 2025, with revenue and net profit reaching RMB35 billion and RMB15 billion, respectively, representing YoY growth of 30% and 43%. The results were slightly below the brokers expectations, mainly due to 4Q market volatility affecting brokerage and investment businesses. However, its core asset management business remained resilient, recording YoY growth of 13%, benefiting from robust growth in assets under management (AUM) at China Guangfa Fund and E Fund Management. Taking into account the 4Q results and management guidance, G Sachs adjusted its average revenue and earnings forecasts for 2026 to 2028, raising revenue projections by 3% while trimming earnings forecasts by 1%. The broker maintained a Buy rating on the A shares and a Neutral rating on the H shares. It also rolled forward its valuation base year from 2026 to 2027. Based on unchanged target price-to-earnings ratios of 14x and 8x, the TP for GF Securities A shares (000776.SZ) was raised from RMB29.18 to RMB29.31, while the TP for its H shares was lifted from HKD18.17 to HKD18.26. (ec/da) This article was automatically translated by AI, the Chinese 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. Auto-translated by AI AASTOCKS Financial News |
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