HCM: Trading desk drives sharp recovery in 2Q20 results

HCM_2Q20 results

HCM’s 2Q20 earnings soared (+36% QoQ / +49% YoY), illustrating the brokers’ high operational leverage to market conditions. Brokerage commissions improved along with surging volumes and proprietary trading gains were the highest since 1Q18. HCM fulfilled 55% of PATMI guidance and 53% of our full-year forecast in 1H20.