招银国际：中信证券（06030）港股公司研究报告-FVlossesandimpairmentdragsstrongfeegrowth

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2020-10-30

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中信证券

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招银国际：中信证券（06030）港股公司研究报告-FVlossesandimpairmentdragsstrongfeegrowth.pdf

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中信证券(06030) CITICSreported9M20netprofitofRMB12.7bn,up20%YoY,accountingfor84%ofourFY20Eestimates.3Q20operatingincomewasoverallstrong(fee+44%QoQandNII+105%QoQ)exceptforaRMB3bninvt.FVlossesdraggingdownprop-tradinggains(-33%QoQ).ImpairmentlossessurgedtoRMB3.1bn,eroding38%ofPPoP,andresultedin23%QoQdeclineofnetprofitfrompost-2015highlastquarter.Weseefactorsdraggingearningsarebasicallyone-offandgrowthtrendisstillontrack.WemaintainconstructiveonCITICSgrowthprospectus,foritsbalancedrevenuemixandleadershi

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