UBS rated CGS as Neutral due to its 1Q results meeting expectations but underperforming compared to peers. The company reported a 16% YoY growth in operating revenue and a 10% growth in recurring net profit after tax. However, declines in investment banking, asset management, and proprietary trading offset gains in brokerage and interest income. Additionally, UBS lowered its EPS forecasts for 2026 to 2028 and reduced the target price from HKD11.6 to HKD9.4.
