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<Research>G Sachs: CICC (03908.HK) 1Q Preliminary Results Far Beat Expectations; Rating Reiterated at Buy w/ TP $28.15
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CICC (03908.HK) delivered a strong preliminary results for 1Q26, guiding 1Q26 net profit attributable to shareholders to be RMB3.4-3.9 billion, representing a YoY increase of 65-90%, well above Goldman Sachs' expectation of 27-46%, Goldman Sachs published a research report saying. Looking ahead, the broker suggested areas of focus include: (1) the second board meeting expected in April, which may largely ease market concerns over uncertainties of the M&A transaction itself, thereby supporting valuation uplift; and (2) a detailed breakdown of 1Q26 results, particularly the growth trajectory of CICC's more competitive Hong Kong business and wealth management business. Therefore, Goldman Sachs reiterated rating at Buy on CICC's H-shares, with a 12-month target price of $28.15, based on a projected 11x 2027 PE ratio. Auto-translated by AI AASTOCKS Financial News |
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