September 19, 2025 12:06 PM GMT China – Brokers | Asia Pacific Raising Estimates; Shifting Preferences As a result, we raise our 2025-2027 earnings forecasts for brokers by 20-25% on average, led by higher brokerage fees, margin interest and operating leverage. We expect ROE to approach 9% on average in 2026. At the same time, we rebalance our scenario weightings from 60% base/30% bull/10% bear to 60%/20%/20%. Part of the bull case upside is now factored into our base case with a notable raise in ADT assump ...