Bank of America: Raises target price for GF Securities to HKD 13.1 and upgrades earnings forecast for this year.

On March 31, Jin10 reported that Bank of America Securities published a research report indicating that GF Securities (01776.HK) saw a year-on-year rise of 53% in revenue and a 146% increase in profit in the fourth quarter of last year, outperforming the industry average. There is optimism that this growth momentum will continue, and the performance in the first quarter of this year is expected to remain strong. Additionally, due to last year's low base, it is anticipated that the profit growth in the first quarter will surpass that of its peers. Based on its performance and expectations for a higher average daily trading volume in A-shares, Bank of America has raised its profit forecast for GF Securities for 2025 by 15% and adjusted the target price from HKD 12.9 to HKD 13.1, reiterating a 'Buy' rating.