Decent quarter, but China not back on track yet
We reiterate our Neutral rating following publication this morning of Q1 2023 results globally in line with expectations. However, new licence sales were disappointing due to a weaker-than-expected performance in China where market conditions remain volatile. Company guidance for FY 2023 has been r
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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