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1、27October2017AsiaPacific/HongKongEquityResearchBrokerageChinaBrokersSectorResearchAnalystsASSUMINGCOVERAGECharlesZhou,CFA85221016177charles.zhou@credit-suisse.comAssumptionofcoverage■Followingthedepartureofthecoverageanalyst,CharlesZhouisassumingcover
2、ageofCiticSecurities(H),HaitongSecurities(H),GuangfaSecurities(H),HuataiSecurities(H),EverbrightSecurities(H),GalaxySecurities(H),CICC(H),ChinaMerchantsSecurities(H),CiticSecurities(A),HaitongSecurities(A),HuataiSecurities(A),GuangfaSecurities(A),Chin
3、aMerchantsSecurities(A),EverbrightSecurities(A),SinolinkSecurities(A)intheChinaBrokersSector.■Ourratings,targetpricesandestimatesforthesestocksremainunchanged,asshowninthetablebelow.ValuationmetricsCompanyTickerRatingPriceTargetTPUp/dnYearEPSChgEPSEPS
4、grthP/E(x)DYP/BScenarioChgtoTP(%)(%)(%)(x)(prev.)Localprice(prev.)(%)(%)TT+1T+2T+1T+2T+1T+2T+1T+2T+1T+1BlueskyGreyskyCiticSecurities(H)6030.HKN17.5817.900212/16000.890.974916.815.51.81.220.5015.80HaitongSecurities(H)6837.HKO12.6016.1002812/16000.740.8
5、251114.613.12.11.117.2015.50GFSecurities(H)1776.HKO17.0019.5001512/16001.171.32111312.411.02.71.321.5017.60HTSecurities(H)6886.HKO17.5618.800712/16000.941.028915.914.62.51.220.5017.30EverbrightSecurities(H)6178.HKN10.8011.400612/16000.610.67(13)915.01
6、3.72.70.913.2010.50GalaxySecurities6881.HKO6.898.2001912/16000.590.649810.09.23.00.99.007.80CICC3908.HKO16.0818.6001612/16000.960.9620(1)14.214.3—1.522.3014.88ChinaMerchantsSec(H)6099.HKN13.2414.200712/16000.901.01(1)1212.511.23.21.215.0011.50CiticSec
7、urities(A)600030.SSU17.8615.800(12)12/16000.890.974920.118.51.51.519.8014.20HaitongSecurities(A)600837.SSN14.7014.200(3)12/16000.740.8251119.918.01.61.515.4014.00HTSecurities(A)601688.SSU20.0717.300(14)12/16000.941.028921.319.61.91.618.4016.60GFSecuri
8、ties(A)000776.SZN18.1517.500(4)12/16001.171.32111315.613.82.11.719.2015.70ChinaMerchantsSec(A)600999.SSU19.9112.500(37)12/16000.901.01(1)1222.119.81.82.113.8010.40EverbrightSecurities(A)601788.SSU15.1810.700(30)12/16000.610.67(13)924.722.71.61
