Citi Research cut its target price for China Cinda Asset Management (01359) to HK$5.2 from HK$5.5, and maintained its "buy" call.
The research house trimmed its profit estimates 4-6% to reflect a slightly lower margin. It said the true operating trends could be masked by the seasonality in 1H. Barring a hard landing in China, Citi believes the appeal of Cinda (good earnings growth, high ROA, low leverage) are not fully reflected by the current 2015 P/B of 1.1x.
【你點睇】內地再增8個自由行城市，餐飲業倡設大灣區身份證，以便利更多人來港消費，你是否認同？► 立即投票
