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03908 CICC
RTNominal up9.280 +0.140 (+1.532%)
Research Report

18/08/2020 16:35

{I-bank focus}Nomura upgrades CICC (03908) to HK$23.69

[ET Net News Agency, 18 August 2020] Nomura lifted its target price for China
International Capital Corporation (CICC)(03908) to HK$23.69 from HK$20.9 and upgraded its
rating to "buy" from "neutral".
The research house said CICC's net profit was up 62% for 1H, with annualized ROE (return
on equity) up 3.6pp to 12.4%, which was in line with Nomura's expectation. Nomura
attributed the strong earnings performance to the solid revenue growth for its equity
business, especially equity financing, brokerage, asset management, and investment
businesses.
Nomura said CICC's A-share IPO may further enhance its capital position to seize the
business opportunities from the capital market reform. (KL)

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