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
