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GUOTAI JUNAN INT’L (1788 HK) - Company update – business well diversified

作者: Felix LUO
时间: 2018年07月11日
重要性: 一般报告
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摘要: Report title:GUOTAI JUNAN INT’L (1788 HK) - Company update – business well diversified
Analyst:Felix LUO
Report type:Company
Date:20180711
[Summary]

■ Debt underwriting and financial products performed well in 1H18 ■ Business segments are well diversified ■ Controlling shareholder slightly increased shareholding recently Key 1H18 HK market data The average daily turnover of HK stock market in 1H18 was HK$126.6bn, up 67% YoY. Total IPO funds raised was down 8.1% YoY in 1H18, however, total equity funds raised including IPO for 1H18 was HK$189.8bn, an increase of 9% compared with 1H17. According to Bloomberg data, total underwriting amount of China offshore bonds was down ~11% YoY in 1H18, and total underwriting amount of Asia (ex-Japan) G3 corporate high-yield bond was down ~24% YoY in 1H18. Company update: business well diversified We interviewed GTJA Intl and key company updates are: 1) as average daily trading amount of HK market significantly increased YoY in 1H18, the Company achieved similar growth in its brokerage business; 2) the management still targets a positive growth in margin financing balance for 2018, and will focus on further improving the quality of margin loans; 3) the Company' debt underwriting amount increased YoY in 1H18 due to strong re-financing demand from property sector. According to Bloomberg data, its debt underwriting amount increased by over 70% YoY in 1H18; 4) structured financial product maintained fast growth in 1H18 as there was continued strong demand; 5) the company’s business segments are well-diversified. Also, market making and investment only contributed to less than 10% of total revenue in 2017. On the condition that a 1H17 one-off income is excluded (its parent company’s HK listing), it is likely that GTJA Intl’s revenue and net profit in 1H18 are no lower than those in 1H17, even its market making and investment income suffered in 1H18; 6) GTJA Intl’s average historical PB was ~1.9x. Its controlling shareholder, Guotai Jun’an Holdings, has slightly increased its shareholding in GTJA Intl recently. We like GTJA Intl’s strategy The Company’s strategy is to optimize its balance sheet structure, to further control its funding costs, and to become a one-stop financial services provider. We like its strategy given the relatively low risk, and the growth is sustainable in long-term view.

全文: CMS(HK) Research - GUOTAI JUNAN INT’L (1788 HK) - Company update – business well diversified [NON RATED] ~ Felix LUO.pdf
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