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03908 CICC
RTNominal down12.440 -0.620 (-4.747%)
Research Report

11/09/2019 17:31

{I-bank focus}Morgan Stanley starts CICC (03908) at HK$18.54

[ET Net News Agency, 11 September 2019] Morgan Stanley on China International Capital
Corp (CICC)(03908) with an "overweight" rating and target price of HK$18.54.
The research house expects CICC's wealth and asset management business to see further
upside from (1) a larger retail customer base with CISC consolidation, (2) cleanup of
channel business and implicit guarantees under new asset management rules, and (3) ongoing
fast growth in household financial assets.
Morgan estimated its wealth management business's revenue contribution could increase
from 8% in 2018 to 15% in 2023, while its investment management revenue contribution could
rise from 10% in 2018 to 15% in 2023. (KL)

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