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<Research>M Stanley Reiterates Overweight on CICC, Expects Firm's Net Capital to Double After Shr-Swap Merger
Recommend 7 Positive 17 Negative 7 |
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According to Morgan Stanley's research report, CICC (03908.HK) has announced the details of its share-swap merger. The implied P/B ratio (based on 3Q25) includes CICC (601995.SH) at 1.8 times, DONGXING SECURITIES (601198.SH) at 1.8 times (including a 26% premium), and CINDA SECURITIES (601059.SH) at 3.1 times. Morgan Stanley estimates that the dilution of net asset per share will be very limited at around 9%, and no additional financing plans have been announced. The management is confident in the synergies and rapid integration. It is expected that the net capital will double after the merger, providing opportunities for more client-driven equity business and investment opportunities. The broker reiterated an Overweight rating on CICC (03908.HK) to reflect the upside potential of synergies and the limited dilution impact. Its target price was set at HKD28.9. AAStocks Financial News |
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