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News

7.0

01-30aastocks

CICC Anticipates Annual Net Profit Increase of 50-85%

4.0

01-13aastocks

<BofAS> Investment Ratings and Target Prices for Chinese Brokers Listed in Hong Kong (Table)

6.5

01-12aastocks

M Stanley Ranks HK-Listed Chinese Brokers in Research Report (Table)

6.5

01-12aastocks

M Stanley's Top Financial Picks for This Year Include PING AN, MINSHENG BANK, CICC, and More

6.5

01-07aastocks

JPM Selects CICC as Preferred Choice; High Beta Brokers Set to Gain from Strong Market Sentiment

Money Flow

Over the past 66 trading days, overall net money flow is -15.74M, with retail investors contributing -8.02M and major investors adding -41.24M.

Net Buy $ Volume

Net Sell $ Volume

JPMorgan

maintain

$21.2

2025-12-19

Reason

The analyst rating from JPMorgan for CICC (03908.HK) is based on the anticipated arbitrage activities resulting from the proposed merger of DONGXING SECURITIES and CINDA SECURITIES. JPMorgan expects that CICC's H-shares may outperform its A-shares in the short term due to this merger activity. Additionally, the broker noted that CICC's H-shares are estimated to outperform its peers and continue to be a top pick among Chinese brokers, leading to an Overweight rating and a target price of $21.2.

JPMorgan

Price Target

$21.2

2025-12-19

maintain

The analyst rating from JPMorgan for CICC (03908.HK) is based on the anticipated arbitrage activities resulting from the proposed merger of DONGXING SECURITIES and CINDA SECURITIES. JPMorgan expects that CICC's H-shares may outperform its A-shares in the short term due to this merger activity. Additionally, the broker noted that CICC's H-shares are estimated to outperform its peers and continue to be a top pick among Chinese brokers, leading to an Overweight rating and a target price of $21.2.

BofA Securities

maintain

$26.9

2025-12-18

Reason

The analyst rating for CICC was reiterated as "Buy" for its H-shares due to the anticipated positive impact of its planned acquisition of DONGXING SECURITIES and CINDA SECURITIES. BofA Securities noted that upon completion of the acquisitions, CICC's ranking in terms of revenue, net profit, net assets, and net capital is expected to improve significantly, moving from 6th-11th place to 3rd-6th place. This potential growth in ranking and financial metrics supports the positive outlook on CICC's H-shares, while the rating for its A-shares was kept at "Neutral" due to relatively higher valuation requirements.

BofA Securities

Price Target

$26.9

2025-12-18

maintain

The analyst rating for CICC was reiterated as "Buy" for its H-shares due to the anticipated positive impact of its planned acquisition of DONGXING SECURITIES and CINDA SECURITIES. BofA Securities noted that upon completion of the acquisitions, CICC's ranking in terms of revenue, net profit, net assets, and net capital is expected to improve significantly, moving from 6th-11th place to 3rd-6th place. This potential growth in ranking and financial metrics supports the positive outlook on CICC's H-shares, while the rating for its A-shares was kept at "Neutral" due to relatively higher valuation requirements.

Morgan Stanley

Overweight

maintain

$28.9

2025-12-18

Reason

The analyst rating from Morgan Stanley is an Overweight rating on CICC (03908.HK) due to the expected upside potential from synergies resulting from the share-swap merger and the limited dilution impact on net asset per share, estimated to be around 9%. Additionally, the management's confidence in rapid integration and the potential for net capital to double post-merger further supports this positive outlook. The target price was set at HKD28.9.

Morgan Stanley

Overweight

Price Target

$28.9

2025-12-18

maintain

The analyst rating from Morgan Stanley is an Overweight rating on CICC (03908.HK) due to the expected upside potential from synergies resulting from the share-swap merger and the limited dilution impact on net asset per share, estimated to be around 9%. Additionally, the management's confidence in rapid integration and the potential for net capital to double post-merger further supports this positive outlook. The target price was set at HKD28.9.

Morgan Stanley

initiated

$28.9

2025-12-18

Reason

The analyst rating of Overweight for CICC by Morgan Stanley is based on the expectation that the announced stock-swap mergers with Dongxing Securities and Cinda Securities will generate significant synergies. These synergies are anticipated to strengthen CICC's capital base, expand its customer system, and allow for a relatively swift integration process, all while having a limited dilution impact on CICC's H-share shareholders. Additionally, the report predicts a rise in share price within the next 30 days, with an estimated probability of approximately 70-80%.

Morgan Stanley

Price Target

$28.9

2025-12-18

initiated

The analyst rating of Overweight for CICC by Morgan Stanley is based on the expectation that the announced stock-swap mergers with Dongxing Securities and Cinda Securities will generate significant synergies. These synergies are anticipated to strengthen CICC's capital base, expand its customer system, and allow for a relatively swift integration process, all while having a limited dilution impact on CICC's H-share shareholders. Additionally, the report predicts a rise in share price within the next 30 days, with an estimated probability of approximately 70-80%.

Morgan Stanley

maintain

$28.9

2025-11-20

Reason

The analyst rating from Morgan Stanley for CICC is "Overweight" with a target price of HKD 28.9. The reasoning behind this rating includes the expectation that the merger with CINDA SECURITIES and DONGXING SECURITIES will progress rapidly due to a common controlling shareholder. Additionally, the merger is anticipated to complement CICC's wealth management business, and since there is limited business overlap between the firms, the integration costs are expected to be manageable.

Morgan Stanley

Price Target

$28.9

2025-11-20

maintain

The analyst rating from Morgan Stanley for CICC is "Overweight" with a target price of HKD 28.9. The reasoning behind this rating includes the expectation that the merger with CINDA SECURITIES and DONGXING SECURITIES will progress rapidly due to a common controlling shareholder. Additionally, the merger is anticipated to complement CICC's wealth management business, and since there is limited business overlap between the firms, the integration costs are expected to be manageable.

Goldman Sachs

Buy

maintain

2025-11-03

Reason

Goldman Sachs maintained a Buy rating on CICC due to the company's strong 3Q25 results, which exceeded expectations in both net revenue and net profit. Specifically, CICC logged net revenue of RMB8 billion and net profit of RMB2.2 billion, surpassing Goldman Sachs's expectations by 9% and 6%, respectively. Notably, the investment banking revenue of RMB1.3 billion was particularly impressive, exceeding expectations by 45%. As a result of this strong performance, Goldman Sachs raised its target price for CICC from HKD22.9 to HKD25.1.

Goldman Sachs

Buy

Price Target

2025-11-03

maintain

Goldman Sachs maintained a Buy rating on CICC due to the company's strong 3Q25 results, which exceeded expectations in both net revenue and net profit. Specifically, CICC logged net revenue of RMB8 billion and net profit of RMB2.2 billion, surpassing Goldman Sachs's expectations by 9% and 6%, respectively. Notably, the investment banking revenue of RMB1.3 billion was particularly impressive, exceeding expectations by 45%. As a result of this strong performance, Goldman Sachs raised its target price for CICC from HKD22.9 to HKD25.1.

Valuation Metrics

Forward PE

5Y Average PE

8.15

Current PE

9.89

Overvalued PE

10.05

Undervalued PE

6.25

Forward EV/EBITDA

N/A

5Y Average EV/EBITDA

0.00

Current EV/EBITDA

0.00

Overvalued EV/EBITDA

0.00

Undervalued EV/EBITDA

0.00

Forward PS

5Y Average PS

4.97

Current PS

4.61

Overvalued PS

5.76

Undervalued PS

4.19

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