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03908 CICC
RTNominal up14.920 +0.140 (+0.947%)
Research Report

10/10/2019 11:03

{I-bank focus}HSBC lifts CICC (03908) to HK$21; "buy

[ET Net News Agency, 10 October 2019] HSBC Global Research lifted its target price for
CICC (03908) to HK$21 from HK$20 and maintained its "buy" rating.
The research house said CICC recorded net profit growth of 16% in 1H. Its staff cost
increased by 25%, probably reflecting its expansion strategy. With a little legacy from
SLP (stock-pledged lending) business, its impairment loss was much lower than peers.
Looking forward, HSBC believes its investment banking business and asset management will
continue to progress, while integration with CISC (China Investment Securities Company)
holds the key to growing the wealth management business. However, its noticeably higher
leverage (6.3x versus 3-4x of peers) could limit its ROE expansion. (KL)

Remark: Real time quote last updated: 24/01/2020 17:59
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