CITIC profits soar amid wave of flotations
Print Edition
CHINA’S largest brokerage, CITIC Securities, riding a wave of stock flotations and transactions, yesterday reported a 116.2 percent rise in 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 on the Shanghai and Hong Kong stock exchanges.
A 53 percent jump in the Shanghai Composite Index made it the world’s top performing major market in 2014.
Haitong Securities, China’s second-largest listed brokerage, chalked up an 89.4 percent rise in profit, while Sinolink Securities Co’s 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 noted that the 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 Communications International, predicted CITIC’s profit growth of 2.1 percent in 2015 and 9.4 percent in 2016.
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