GF Securities’ net profit grew 33% yoy in 2020 to Rmb10bn. The results were impressive, as IBD revenue dropped 57% yoy because of regulatory action. ROE returned to more than 10% in 2020, which should help narrow the discount to book value. The impact on the IBD business should fade in 2H21. We raised our FY21F/22F EPS by 12.5%/14.5% because of the solid 2020 results. Reiterate ADD with a TP of HK$15.70 (0.98x 2021F P/Bv).