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03908 CICC
RTNominal up8.870 +0.050 (+0.567%)
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09/01/2020 17:50

{I-bank focus}DBS starts CICC (03908) at "buy" and & HK$19.2

[ET Net News Agency, 9 January 2020] DBS Group Research initiated coverage on China
International Capital Corporation (CICC)(03908) with a "buy" rating and a target price of
HK$19.2.
The research house said CICC has proven to be the leading investment banking franchise
in China. This reflects in its higher investment banking revenue concentration of 14-18%,
versus peers' average of 8-9% during 2018 and 1H 2019.
In addition, CICC is able to monetise its solid research capability and industry
knowledge, which has translated into higher investment income concentration which
accounted for 45% of its total revenue in 1H 2019. With China's registration-based market
reform underway, DBS sees CICC as the major beneficiary. (KL)

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