China Cinda Asset Management Co Ltd (1359): 1H26 profit warning a miss

Research evidence excerpt

China Cinda Asset Management Co Ltd (1359): 1H26 profit warning a miss

J P M O R G A N Asia Pacific Equity Research

03 August 2026

China Cinda Asset Management

Co Ltd (1359) Neutral

1359.HK, 1359 HK

1H26 profit warning a miss Price (03 Aug 26):HK$1.00

Price Target (Dec-26):HK$1.05

1H26 results a miss. After market close on 3 August, Cinda issued a profit warning Banks & Financial Services

ACon its preliminary 1H26 result (link). The company expects net profit to be down Peter Zhang

20–25% y/y in 1H26 and net profit attributable to equity shareholders to be down (852) 2800-8557

60-70% y/y. We view this as a miss and expect a negative share price reaction in peter.zhang@jpmorgan.com

the near term. We remain Neutral on Cinda. Looking ahead, CICC’s consolidation J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

of Cinda Sec remains the key catalyst and could bring an estimated ~RMB20bn

Katherine Lei

one-off after-tax gain for Cinda in 2H26. (852) 2800-8552

katherine.lei@jpmorgan.com

• 1H26 profit warnings indicate a miss: After market close on August 3rd, J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Cinda issued a profit warning on its preliminary 1H26 result (link). According Morgan Broking (Hong Kong) Limited

to the announcement, its net profit will drop by 20-25% y/y in 1H26, while its Lincoln Yu

net profit attributable to equity shareholders will drop by 60-70% y/y. We view (852) 2800 8523

this as a miss and expect a negative share price reaction in the near term. lincoln.yu@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• Drivers of 1H26 weakness: DAM recovery slower than expected; tough Morgan Broking (Hong Kong) Limited

1H25 base from one-offs. We believe the miss was mainly driven by: 1) a Haomin Chen