China

GF Securities Posts RMB 460 Mln in Profit for January

Summary:

  • In a statement to the Shanghai Stock Exchange, GF Securities (000776.SZ) posted a net profit of RMB 459.92 million for January and revenue of RMB 1.05 billion.
  • GF Securities‘ Asset Management unit posted a net profit of RMB 78.3 million and revenue of RMB 144.7 million.

Why It Matters:

 

  • Earlier, GF Securities reported a profit of RMB 865.8 million for December 2016, and the Asset Management unit reported a RMB 47.8 million  profit for the same period.
  • GF Securities has not yet provided an estimate of its 2016 earnings, but the company has previously announced that its total revenue for 2016 was RMB 14.35 billion and net profit was RMB 6.18 billion. The firm’s Asset Management unit posted revenue of RMB 2.03 billion in 2016 and RMB 1.02 billion in net profit.
  • The consensus estimate of Chinese analysts for GF Securities’ 2016 net profit is RMB 8.569 billion, down 35.1% from the previous year. EPS for 2016 is expected to be around RMB 1.13.