JPMorgan Adjusts CICC Model, Slightly Raises Target Price to HK$24.5
Stock News
Apr 14
JPMorgan has updated its financial model for China International Capital Corporation (03908) to reflect the company's fourth-quarter results from last year and recent management comments regarding the progress of CICC's proposed share-swap merger with Dongxing Securities (601198.SH) and Cinda Securities (601059.SH). The firm now assumes the merger will be completed in the third quarter of 2026, a delay from the previously expected second quarter. As a result, JPMorgan has raised its net profit forecasts for the next two years by 2.5% and 4.6%, respectively. The bank also increased CICC's target price to HK$24.5 for the end of December 2026, up from HK$24, while maintaining an "Overweight" rating.
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