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August 26, 2009

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Everbright posts strong results as stocks surge

CHINA Everbright Securities Co posted a 19.2 percent rise in net income in the first half of this year bolstered by a stock market surge.

Profit for the Shanghai-based brokerage climbed to 1.22 billion yuan (US$179 million), or 0.42 yuan a share, in the first six months, and its revenue rose 16.44 percent on year to 2.62 billion yuan, it said in a statement to the Shangahai Stock Exchange on Monday.

Everbright, the 10th largest brokerage in China, attributed the profit increase to the recovering macro economy and surging stock market, which boosted its commissions and investment returns.

Its brokerage business generated 73.5 percent of profit and investments contributed 14.21 percent.

The Shanghai Composite Index surged more than 60 percent from January to June.

"The profit was close to our forecast and we set a target price of 23 yuan on its shares," Essence Securities Co said in a report yesterday.

Everbright's shares gained 3.92 percent to close at 25.20 yuan yesterday while the Shanghai market dropped 2.59 percent to 2,915.80 points.

The brokerage said it would issue a pre-tax dividend of 5.80 yuan for every 10 shares held. The dividend will cost 1.98 billion yuan.


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