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<Research> BofAS Raises CICC (03908.HK) TP to HKD27, Upbeat on International Business Growth
Recommend 5 Positive 8 Negative 3 |
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BofAS said in a research report that CICC (03908.HK) recorded net profit of RMB3.6 billion in the first quarter, up 75% YoY and 11% QoQ, in line with its positive profit alert guidance, with growth outpacing peers. During the period, its Hong Kong underwriting and trading businesses became the key growth drivers. Overseas underwriting commission surged by more than 600% YoY, while trading income of various subsidiaries rose 20% YoY, mainly supported by cross-border equity derivatives and overseas FICC products. The broker is optimistic about CICCs industry-leading growth in international business and expects Hong Kong IPO and cross-border trading sentiment to remain at high levels in the second quarter. It raised its 2026 EPS forecast by 2% and lifted the H-share TP from HKD26.9 to HKD27, maintaining a Buy rating and naming it as a top pick. For CICC (601995.SH) A-shares, it maintained a Neutral rating with a TP of RMB41.3. (ss/a) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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