报告名称：CITIC Securities(06030.HK)CITICS to change bad debt provisioning standard
报告类型：港股研究
报告日期：2015-12-24
研究机构：中金公司
股票名称：中信证券
股票代码：600030,06030
页数：6
简介：What's new
CITIC Securities announced it would change its bad debtprovisioning standard for financing business. After this change,around Rmb321mn in bad debt losses for financing business willbe recognized for 2015.
Comments
Bad debt provisioning for financing business will becomea norm in the sector.
Based on different conversion standards, bad debtprovisioning could account for 0.25~0.65% of financingbusiness assets. Based on our estimated Rmb2.14trn scale offinancing business by the end of the year, bad debt provisionsmay drag the sector’s 2015 net profit by 2.5~6.4%. Assome securities firms started to make bad debt provision forrelated business last year, we expect the real impact to be

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