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<Research>JPM Expects CN Brokers to Ride on Higher ADT; Top Pick CICC w/ TP HKD24
Recommend 28 Positive 21 Negative 22 |
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JP Morgan's research report reinitiated coverage on Chinese brokers with a positive outlook, citing strong business momentum, supportive regulatory environment, and undemanding valuations as compelling buying opportunities. The broker noted that the valuations of A- and H-share brokers are now below their long-term average levels, and the market's forecast for this year's ADT is overly conservative. The 1Q26 results to be announced in April are expected to be a key catalyst for the sector's re-rating. The broker's top pick was CICC (03908.HK), which was seen as a key beneficiary of the recovery in IPO and institutional business. The target price was raised from HKD21.2 to HKD24. The broker also anticipated upside for East Money (300059.SZ), CMSC (06099.HK), and CGS (06881.HK) in 1Q26. Stocks | Investment Ratings | Target Prices CICC (03908.HK) | Overweight | HKD21.2 → HKD24 CGS (06881.HK) | Overweight | HKD13.5 → HKD13 CITIC SEC (06030.HK) | Neutral → Overweight | HKD27.7 → HKD25.3 GTHT (02611.HK) | Underweight → Neutral | HKD12.1 → HKD12.2 CMSC (06099.HK) | Neutral → Overweight | HKD14.5 → HKD16.4 GF SEC (01776.HK) | Neutral → Overweight | HKD11.5 → HKD19.8 HTSC (06886.HK) | Overweight | HKD20.7 → HKD19.9 AASTOCKS Financial News |
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