标题：GF SecuritiesStrong contender for leading position
发布日期：2016-03-23 7:26:57
内容： 2015 results in line with expectations In 2015, operating revenue rose 150.1% YoY to Rmb33.45bnand net profit surged 163.9% YoY to Rmb13.20bn withfully-diluted EPS Rmb1.73. As of end-2015, total assets wereRmb419.10bn, total liability Rmb339.28bn, net assetsRmb77.52bn and ROAE 22.5%. Trends to watch As the largest beneficiary of 1H15’s bull market,brokerage and prop trading’s combined operatingrevenue contribution rose 5.8ppt to 72.8%. Asset management and fund management recordedexcellent performance with revenue +220.0% YoYto Rmb3.59bn. End-2015 collective AUM surged 519.8%YoY to Rmb298bn. Subpar performance from Investment Banking. Net interest income +95.5% YoY to Rmb2.93bn;leverage dipped 14.1% from mid-2015’s peak to 3.88x, butremained elevated. Earnings forecast Market trading tends to be less active and indexes descend in2016. We cut 2016e EPS/BPS 29.7%/4.0% toRmb1.16/10.46. Valuation and recommendation Completed H-share IPO in 2015. With fluctuations in A sharemarket, GFS increased paid-in capital in its platforms of AM,futures, equity investment and GF Holdings (HK). We believeGFS has been a strong contender for leading position. Valuationnot attractive now, maintain HOLD and TP of Rmb18.2,implying 2016e 1.74x P/B. Risks Sharp market decline.
发布日期：2016-03-23 7:26:57
内容： 2015 results in line with expectations In 2015, operating revenue rose 150.1% YoY to Rmb33.45bnand net profit surged 163.9% YoY to Rmb13.20bn withfully-diluted EPS Rmb1.73. As of end-2015, total assets wereRmb419.10bn, total liability Rmb339.28bn, net assetsRmb77.52bn and ROAE 22.5%. Trends to watch As the largest beneficiary of 1H15’s bull market,brokerage and prop trading’s combined operatingrevenue contribution rose 5.8ppt to 72.8%. Asset management and fund management recordedexcellent performance with revenue +220.0% YoYto Rmb3.59bn. End-2015 collective AUM surged 519.8%YoY to Rmb298bn. Subpar performance from Investment Banking. Net interest income +95.5% YoY to Rmb2.93bn;leverage dipped 14.1% from mid-2015’s peak to 3.88x, butremained elevated. Earnings forecast Market trading tends to be less active and indexes descend in2016. We cut 2016e EPS/BPS 29.7%/4.0% toRmb1.16/10.46. Valuation and recommendation Completed H-share IPO in 2015. With fluctuations in A sharemarket, GFS increased paid-in capital in its platforms of AM,futures, equity investment and GF Holdings (HK). We believeGFS has been a strong contender for leading position. Valuationnot attractive now, maintain HOLD and TP of Rmb18.2,implying 2016e 1.74x P/B. Risks Sharp market decline.
