Daiwa Research cut target price for GF Securities (GFS)(01776) to HK$18 from HK$20, and maintained its "hold" rating.
The research house foresees a softer outlook for its brokerage commission rates and asset management fees following GFS's 3Q conference call.
Daiwa noted that management aims to keep and expand GFS's brokerage client base (from 7m currently to 10m) by offering more services, such as "intelligent investment consultants" and various investment products.
Given its average commission rate is still above the sector average, Daiwa expects a continued decline in it.
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