BOCOM International has released a research note raising its target price for CICC (03908) to HK$28.5, corresponding to 0.91 times projected price-to-book ratio for 2026, while reiterating a “Buy” rating on the stock.

The brokerage highlighted that CICC achieved attributable net profit of RMB 8.199 billion in the first half, up 89.3% year-on-year, driven by strong growth across key revenue segments—fee and commission income surged 52.8%, investment returns climbed 40%, and interest income expanded 33.9% compared to the same period last year.

Looking ahead, BOCOM International has refreshed its forecasts for 2026 through 2028, projecting attributable net profits of RMB 15.4 billion, RMB 16.2 billion, and RMB 17.0 billion for the three years respectively. The firm expects second-half performance to remain underpinned by solid fundamentals, particularly noting CICC’s robust competitive moats in domestic and cross-border investment banking as well as wealth management operations.

The broker acknowledged that the company’s share price has recently experienced some volatility tied to restructuring-related developments. Nevertheless, it argues that over the long term, leveraging strengths in investment banking and cross-border business, CICC’s earnings resilience is likely to outperform the industry average.