Haitong enjoys 22 percent income leap

By Winny Wang | July 14, 2009, Tuesday |

Online Edition

HAITONG Securities Co Ltd rose 22 percent in net income in the first half of this year from a year earlier thanks to the warming stock market that has spurred brokerage business.

Its net income grew to 2.5 billion yuan (US$365 million), or 0.30 yuan per share, and revenue rose 2.18 percent to 4.1 billion yuan on a yearly basis, the brokerage said in a preliminary earnings report to the Shanghai Stock Exchange today.

"The growth in revenue is contributed to by the rising turnover in the stock market in the second quarter, with the daily turnover reaching 211.5 billion yuan, rising 30 percent from a quarter earlier," said Wang Yifeng, an analyst at Guosen Securities Co.

The Shanghai Composite Index has jumped nearly 70 percent this year so far to 3,145 points to become the best-performing market in the world.

"Haitong's income in the first half was similar to our expectations. We estimated that its brokerage business, the major component of the revenue growth, rose 13.5 percent in the period, but its proprietary and investment bank business declined from a year earlier," said Liu Jun, an analyst at Changjiang Securities Co.

Liu said the resumption of initial public offerings will stimulate underwriter fees for the brokerage in the second half of this year.

He predicted that 106 brokerages in the country will report a 37-percent increase in revenue in the first six months, faster than market expectations, and the net income for the industry will rise more than 80 percent this year.

Finance

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Haitong enjoys 22 percent income leap

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