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China International Capital
(3908)
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Rating:67Neutral
Price Target:
HK$24.00
â–²(6.01% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by solid financial profitability and a notably improved leverage profile, offset by inconsistent cash-flow performance and a sharp TTM decline in free cash flow growth. Technicals are mildly supportive (price above key moving averages and positive MACD), while valuation is reasonably attractive (P/E ~12.3) with a modest dividend yield.
Positive Factors
Strong profitability
A roughly 34% TTM net margin indicates strong earnings conversion and meaningful operating profitability. This provides internal capacity to invest across advisory, brokerage, and asset-management franchises while offering resilience when capital-markets activity becomes less favorable.
Negative Factors
Volatile cash-flow durability
Although current operating and free cash flow are positive and close to net income, the sharp TTM decline and prior negative periods show inconsistent cash generation. This weakens confidence that reported earnings will translate into durable funding for investment and distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
A roughly 34% TTM net margin indicates strong earnings conversion and meaningful operating profitability. This provides internal capacity to invest across advisory, brokerage, and asset-management franchises while offering resilience when capital-markets activity becomes less favorable.
Read all positive factors
China International Capital (3908) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$155.10B
Dividend Yield1.83%
Average Volume (3M)14.56M
Price to Earnings (P/E)11.8
Beta (1Y)2.09
Revenue Growth20.32%
EPS Growth82.47%
CountryHK
Employees14,263
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.75
Shares Outstanding1,903,714,500
10 Day Avg. Volume23,260,011
30 Day Avg. Volume14,557,830
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.85
Price to Sales (P/S)1.77
P/FCF Ratio1.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$32.03Price Target Upside41.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)3.05
Revenue Forecast (FY)HK$37.72B
China International Capital Business Overview & Revenue Model
Company Description
China International Capital Corporation Limited (CICC) is a prominent global financial services firm with operations spanning Mainland China and international markets. The company structures its diverse activities across six primary business segme...
How the Company Makes Money
CICC primarily makes money by charging fees and earning trading- and investment-related income across several financial services lines. (1) Investment banking: CICC earns underwriting and sponsor fees for helping issuers raise capital through init...
China International Capital Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.12B | 47.92B | 19.63B | 33.02B | 36.82B | 41.46B |
| Gross Profit | 34.65B | 39.63B | 20.71B | 21.49B | 23.54B | 33.19B |
| EBITDA | 17.08B | 20.22B | 15.62B | 19.33B | 19.88B | 22.43B |
| Net Income | 13.58B | 9.54B | 5.69B | 6.16B | 7.60B | 10.78B |
Balance Sheet | ||||||
| Total Assets | 997.15B | 784.75B | 674.72B | 624.31B | 648.76B | 649.80B |
| Cash, Cash Equivalents and Short-Term Investments | 63.37B | 488.41B | 88.68K | 431.90B | 438.80B | 427.06B |
| Total Debt | 99.42B | 352.36B | 304.31B | 280.33B | 276.96B | 253.36B |
| Total Liabilities | 854.78B | 682.28B | 559.09B | 519.41B | 549.29B | 565.06B |
| Stockholders Equity | 134.06B | 100.00B | 115.35B | 104.60B | 99.19B | 84.42B |
Cash Flow | ||||||
| Free Cash Flow | 19.65B | 49.87B | 40.93B | -3.88B | 56.37B | 808.99M |
| Operating Cash Flow | 20.33B | 50.62B | 41.87B | -2.42B | 57.96B | 1.87B |
| Investing Cash Flow | -56.10B | -33.76B | -24.31B | 2.08B | -23.44B | -7.33B |
| Financing Cash Flow | 18.61B | -8.22B | -8.40B | -13.71B | -15.13B | 25.52B |
China International Capital Technical Analysis
Negative
22.64
Price Trends
21.58
Negative
20.82
Negative
20.19
Negative
Market Momentum
-0.05
Positive
38.92
Neutral
30.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3908, the sentiment is Negative. The current price of 22.64 is above the 20-day moving average (MA) of 21.37, above the 50-day MA of 21.58, and above the 200-day MA of 20.19, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 38.92 is Neutral, neither overbought nor oversold. The STOCH value of 30.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3908.
China International Capital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$338.76B | 9.16 | 10.01% | 5.02% | 37.61% | -2.94% | |
68 Neutral | HK$485.96B | 10.24 | 13.81% | 3.07% | 101.98% | 67.41% | |
68 Neutral | HK$176.16B | 8.90 | 13.66% | 4.74% | 97.85% | 74.02% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | HK$155.10B | 11.85 | 11.77% | 1.83% | 20.32% | 82.47% | |
67 Neutral | HK$194.78B | 8.56 | 10.67% | 3.79% | 123.03% | 20.90% | |
57 Neutral | HK$203.78B | 15.13 | 14.85% | 3.25% | 5.66% | 47.31% |
* Financial Sector Average
HK:3908
China International Capital
19.86
-0.59
-2.90%
HK:6030
CITIC Securities Co
25.70
-2.31
-8.26%
HK:6886
Huatai Securities Co
17.48
-0.98
-5.31%
HK:6099
China Merchants Securities Co., Ltd. Class H
14.95
-1.48
-9.00%
HK:6066
CSC Financial Co., Ltd. Class H
11.77
-1.41
-10.70%
HK:2611
Guotai Junan Securities Co., Ltd. Class H
14.87
-0.38
-2.51%
China International Capital Corporate Events
China International Capital Releases 2026 Interim Results Announcement
Aug 28, 2026
China International Capital Corporation Limited announced its unaudited interim results for the six months ended June 30, 2026, in line with Hong Kong listing requirements for preliminary disclosures. The interim report, which includes detailed fi...
CICC Clears Key SSE Hurdle in Planned Mergers with Dongxing and Cinda Securities
Aug 27, 2026
China International Capital Corporation Limited is a major Chinese investment bank offering securities, investment banking and asset management services to both domestic and global clients. With listings in Hong Kong and the PRC, it plays a signif...
China International Capital Sets Board Meeting to Approve Interim Results
Aug 18, 2026
China International Capital Corporation Limited has scheduled a board meeting for August 28, 2026 in Beijing to review and approve the publication of its interim results for the six months ended June 30, 2026. The announcement signals that the inv...
China International Capital Announces Retirement of Management Committee Member
Jul 31, 2026
China International Capital Corporation has announced that management committee member Hu Changsheng has retired after reaching the statutory retirement age, effective upon approval by the board on July 31, 2026. Following his retirement, Hu will ...
CICC Wealth Management Posts Strong unaudited H1 2026 Results
Jul 17, 2026
China International Capital Corporation Limited is a major Chinese financial services group listed in Hong Kong, with operations spanning investment banking, securities trading and wealth management. Its wholly owned unit, China CICC Wealth Manage...
CICC Wins CSRC Acceptance for Major Merger Plan but Warns of Deal Uncertainty
Jul 14, 2026
China International Capital Corporation said China’s securities regulator has formally accepted its application for administrative approval of proposed mergers with Dongxing Securities and Cinda Securities and related changes in major and co...
China International Capital Announces Retirement of Management Committee Member
Jul 13, 2026
China International Capital Corporation has announced a change to its senior management structure following the retirement of management committee member Zhang Kejun, effective July 13, 2026. Zhang, who retired upon reaching the statutory retireme...
China International Capital Forecasts Up to 90% Profit Surge in First Half of 2026
Jul 8, 2026
China International Capital Corporation has projected a sharp rise in profitability for the first half of 2026, with net profit attributable to shareholders expected between RMB7.708 billion and RMB8.227 billion. This represents a year-on-year inc...
CICC Shareholders Approve 2025 Resolutions, Dividend and Merger Ratio Changes
Jun 26, 2026
China International Capital Corporation reported that all resolutions at its 2025 annual shareholders’ meeting were duly passed, following a session held in Beijing with both on-site and online voting channels. The meeting saw participation ...
China International Capital Updates Final 2025 Dividend and Tax Details
Jun 26, 2026
China International Capital Corporation Limited has declared a final ordinary cash dividend of RMB 2.3 per 10 shares for the financial year ended 31 December 2025, with shareholder approval obtained on 26 June 2026. The updated announcement conver...
CICC Wins SSE Acceptance for Proposed Mergers With Dongxing and Cinda
Jun 15, 2026
China International Capital Corporation Limited announced that the Shanghai Stock Exchange has formally accepted its application for the proposed mergers with Dongxing Securities and Cinda Securities via absorption and share exchanges. The exchang...
CICC Shareholders Approve Key Resolutions Backing Planned Securities Mergers
Jun 8, 2026
China International Capital Corporation reported that all resolutions put to its 2026 First Extraordinary Shareholders’ Meeting and separate A and H shareholders’ class meetings were duly passed in Beijing. The meetings covered all of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.