Gelonghui, April 18 | According to a report published by DBS, CITIC Securities has a leading position in all major businesses, diversified development and stable profitability. Expanding overseas business also helps mainland enterprises and investors connect with other markets, and has a good market position. The bank lowered its profit forecast for this year and next two years by 4% and 2%, respectively, to reflect the decline in investment bank revenue under the increased supervision of new stock issuance in the Mainland, but this was partially offset by cuts in employee costs. It is estimated that there will be a more definite recovery in the second half of the year, as economic stabilization and the Federal Reserve's interest rate cuts will drive capital back to the mainland market and enhance the market atmosphere. The bank maintained its “buy” rating, and the target price was lowered from HK$19 to HK$16.5 to reflect weak investment banking activity.