CLSA
CLSA is an Asia-Pacific brokerage and investment bank headquartered in Hong Kong and wholly owned by CITIC Securities since 2013. It is known for locally conducted equity research across Asia and its CG Watch corporate governance survey.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 3412M
- Actions
- 5212M
- Ratings / Price targets
- 30 / 22
- Upgrades / Downgrades
- 12 / 2
- Initiations
- 10
- Buy-rated
- 71%of 24 rated
- Median upside
- +24.2%
- Targets raised / lowered
- 1 / 2
- On record
- May 2012 – Sep 2026
Overview
As of 2026, CLSA has 120 analysts producing research on more than 1,300 listed companies across 16 markets. It ranked second among regional brokerages for research in Asia excluding Australia and Japan in the Asiamoney Brokers Poll 2023, and second in Extel's 2026 Asia local broker ranking. The firm runs CLSA U, an executive education program for clients, and is a founding sponsor of the Asian Corporate Governance Association. Its forums, group tours and tailored trips connect clients with company management teams and take them to production sites.
CLSA began in Hong Kong in 1986 as Winfull Laing & Cruickshank Securities, founded by former journalists Jim Walker and Gary Coull. After Crédit Lyonnais acquired its partner Alexander Laing & Cruickshank in 1987, the firm emerged in 1989 as Credit Lyonnais Securities Asia, passing to Crédit Agricole in 2003. CITIC Securities bought 19.9% in 2012 and the remainder in July 2013, tightening control from 2019 amid senior management departures.
Milestones
- 1986
Founded in Hong Kong by Jim Walker and Gary Coull
- 1989
Emerges as Credit Lyonnais Securities Asia
- 2003
Passes to Crédit Agricole with Crédit Lyonnais
- 2012
CITIC Securities buys 19.9% stake
- 2013
CITIC Securities completes full acquisition
- 2024
Adopts Outperform/Hold/Underperform rating scale
Firm facts
- Legal name
- CLSA Limited
- Type
- Full-service
- Founded
- 1986
- Headquarters
- Hong Kong, China
- Parent
- CITIC Securities
- Listing
- Shanghai Stock Exchange: 600030
- Rating scale
- High-Conviction OutperformOutperformHoldUnderperformHigh-Conviction Underperform12 months
- Website
- clsa.com
Research philosophy
CLSA analysts question and probe to find the story that matters, the differentiated angle, the insights that drive growth.
As of 2026, CLSA says its analysts combine macro and thematic studies with bottom-up company analysis. It calls sustainability part of its founding vision and says it builds ESG factors into its research.
Rating methodology
Ratings, revised in June and December 2024, run from High-Conviction Outperform to High-Conviction Underperform on expected 12-month total stock return, with ±10% thresholds.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Melco Resorts & Entertainment LimitedMLCO | Outperform | $6 |
 AngloGold Ashanti PlcAU | Outperform | $180 |
 Charles River Laboratories International, Inc.CRL | Hold | $219 |
| KSKS | Underperform | — |
 Microsoft CorporationMSFT | Outperform | $535 |
 Apple Inc.AAPL | Outperform | $330 |
 Adobe Inc.ADBE | Outperform | $300 |
 Advanced Micro Devices, Inc.AMD | Outperform | $710 |
 KE Holdings Inc.BEKE | Outperform | $23.80 |
 Baozun Inc.BZUN | Outperform | $3.80 |
Most active analysts
- Bhavtosh Vajpayee3 notesAAPLAMDORCL
- Max Hopkins2 notesCCJSMR
- Elinor Leung1 notesBIDU
- Michael Luo1 notesTMO
- Ethan Wang1 notesYUMC
- Andrew Paine1 notesAU
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 21 | AngloGold Ashanti PlcAU | Reiterate | Outperform | $180 | Andrew Paine |
| Sep 16 | KSKS | Initiate | Underperform | ||
| Sep 9 | BEBetter Home & Finance Holding CompanyBETR | Upgrade | Buy | ||
| Sep 9 |  Smurfit Westrock PlcSW | Reiterate | Outperform | ||
| Sep 9 | Advanced Micro Devices, Inc.AMD | Reiterate | Outperform | $710 | Bhavtosh Vajpayee |
| Sep 9 | IDID | Upgrade | Overweight | ||
| Sep 9 | JPJP | Upgrade | Outperform | ||
| Sep 3 | TMThermo Fisher Scientific Inc.TMO | Initiate | Outperform | $748 | Michael Luo |
| Aug 28 |  Moderna, Inc.MRNA | Upgrade | Outperform |