China International Capital Corporation (3908): 2Q26 results beat, expect consensus upgrades to drive re-rating

Research evidence excerpt

China International Capital Corporation (3908): 2Q26 results beat, expect consensus upgrades to drive re-rating

Asia Pacific Equity Research

09 July 2026

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China International Capital

Overweight

Corporation (3908) 3908.HK, 3908 HK

Price: HK$21.80

2Q26 results beat, expect consensus upgrades to 08 Jul 2026

drive re-rating Price Target: HK$28.50

PT End Date: 30 Jun 2027

2Q26 result a strong beat. After market close on 8 July, CICC announced Banks & Financial Services

its preliminary 1H26 results (link). 2Q26 net profits rose 79-102% y/y to AC Peter Zhang

Rmb4.1-4.6bn, a record high and likely ahead of market expectation. More (852) 2800-8557

importantly, we believe the quality of CICC’s result is stronger than that of peter.zhang@jpmorgan.com

CMS and GTHT (link, link), given CICC is less exposed to A share IPO J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

co-investments and pre-IPO investments, which are more sensitive to

Katherine Lei

market volatility. Thus, we believe that CICC’s strong business (852) 2800-8552

momentum is more likely to be sustained into 2H26. Looking ahead, we katherine.lei@jpmorgan.com

expect consensus earnings upgrades to drive a re-rating, as 1H26 ROE of J.P. Morgan Securities (Asia Pacific) Limited/

14-15% is materially higher than BBG FY26 consensus of 9.8%. We stay J.P. Morgan Broking (Hong Kong) Limited

OW and reiterate CICC-H as our sector top pick. Lincoln Yu

(852) 2800 8523