- Key businesses remain healthy despite recent market turmoil.
- Improving capital utilisation and institutional client participation drive ROE enhancement, provided more lucrative businesses engage
- Sector remains under favourable policy environment with registration listing reform the key to watch in 2H22F
- Lower FY22/23F ADT and margin growth assumption due to recent market volatility. Lower brokers’ FY22F earnings by -38% to -3% with CICC most resilient. BUY CICC and GF