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CITIC Securities posts 116% rise in 2014 profit
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CHINA'S largest brokerage CITIC Securities Co today posted a 116.2 percent rise in 2014 net profit to 11.3 billion yuan (US$1.8 billion).
The company’s brokerage, asset management and underwriting revenues increased significantly, according to statements filed to the Shanghai Stock Exchange and Hong Kong Stock Exchange.
China's top brokerages have been boosted by a revival of stock flotation and sizzling stock transactions. A 53-percent jump in the Shanghai Composite Index made it the world's top-performing major equity market in 2014.
Haitong Securities Co Ltd, China's second largest listed broker, chalked up an 89.4 percent rise in 2014 profit, while Sinolink Securities Co Ltd said its profit jumped 164.8 percent over the same period.
Pan Hongwen, analyst at UBS Securities, kept CITIC’s price target at 36.45 yuan and the rating of buying, but noting that company's profit growth will slow in 2015, as "performance base was already set high and subsidiaries' profit due to a bull market only made one-time contribution."
Li Wenbing, analyst with Bank of Communication International, said the broker’s investment income beat estimate. Li forecast profit growth of 2.1 percent to 11.6 billion in 2015, and up 9.4 percent to 12.7 billion in 2016.
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