Merrill Lynch lowered the A share and H share rating of HAITONG SEC (06837.HK) -0.880 (-6.111%) Short selling $42.08M; Ratio 7.875%
from Neutral to Underperform. The target price of H share was $13, due
to the concern of reduction in commission rates in 2015. In addition,
the share price is commensurate to 1.6x 12-month forward P/E, which was
nearly to historical high, as driven by the launch of SH-HK Connect. The
broker believed that the SH-HK Connect will inject new liquidity to A
share markets, but the driven force on stocks may be limited. Following
the cooling down of SH-HK Connect, the market will shift the focus on
macro economy and risks. The share price for brokers will then undergo
gradual correction.
CITIC Annual Net Profit Up 1.8% to $43.902B; Final Div $0.25 CITIC (00267.HK) -0.160 (-1.447%) Short selling $8.89M; Ratio 25.055% announced that for the year ended December 2017, net profit rose 1.8% yearly to $43.902 billion, with an EPS of $1.51. A final dividend of $0.25 was declared. Profit contribution from financial sector of the company amounted to $39.5 billion, up 3% yearly. CITIC Construction continued to make inroads securing projects, both domestically and internationally, particularly along the Belt and Road corridor.
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