FY23 net profit and underlying profit for Kina Securities beat Morgans forecasts by 3.5% and 10%, respectively, as costs and bad debts were well contained in a tough net interest margin environment.

The price target for Kina Securities rises to $1.24 from $1.14 after the broker raises EPS forecasts on a higher forecast for non-interest income and lower cost estimates.Add rating retained. 

A 6cps interim dividend was declared and no detailed guidance was provided, notes the analyst.

Sector: Diversified Financials.

Target price is $1.24.Current Price is $0.90. Difference: $0.34 - (brackets indicate current price is over target). If KSL meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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