China US tariff might be lowered, HK stock will rebound; Test Resistance at 50 Day SMA

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KGI Morning Briefing-2021.11.02 #CICC (3908)
China US tariff might be lowered, HK stock will rebound; Test Resistance at 50 Day SMA
Stock Pick
CICC (3908): CICC (3908) last week announced its 3Q21 results, and revenue & net profit was up 15% and 35% YoY, in line with expectation, attributed to strong brokerage business and asset management business. Daily average turnover of over Rmb1,000bn in A-shares market has been driving commission income. Besides, CICC has completed structural reform on CICC Wealth Management, favoring transition from agency business to buy-side investment advisory business. The segment revenue grew 66% YoY in the first three quarters, and the increasing number of actively-managed funds bodes well to segment growth going forward. We therefore suggest investors to buy with a target price at HK$22.5 and a stop-loss price at HK$18.0.
More detailed analysis: http://bit.ly/3c9GHiS
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Management
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