China Galaxy Securities, a $50 billion Hong Kong investment bank that has seen its share price drop more than 60% since late May, thinks its stock is a bargain. "China Galaxy Securities (CGS) recorded a net profit of RMB5.6bn, jumped 3.19x year-on-year (YoY) and in line with its pre-announcement, thanks to the bullish market in 1H15. The counter is trading at 0.77x 2015E PBR, due to the uncertain outlook of A-share market. It is overly bearish, in our view," it said in a recent note. The bank's stock is down around 65% since its 2015 high in late May, falling sharply when China's stock market indices started ... (full story)