China International Capital Corp Ltd Class H (HK:3908)
:3908
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China International Capital
(3908)
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Rating:72Outperform
Price Target:
HK$22.50
â–²(13.52% Upside)
Action:Upgraded
Date:05/02/26
The score is driven primarily by solid recent profitability and improving TTM growth with strong recent free-cash-flow conversion, supported by an attractively low P/E. These positives are tempered by a leveraged balance sheet and historically volatile cash flows, alongside only moderately positive technical momentum and high volatility (beta).
Positive Factors
Diversified capital‑markets franchise
CICC’s multi‑line capital‑markets business spreads revenue across advisory/underwriting, brokerage, trading and asset management. That structural diversification reduces reliance on any single issuance or trading cycle, supports cross‑selling and steadier fee generation over the next several months.
Negative Factors
Elevated leverage
High debt amplifies downside in weaker market conditions and raises funding and refinancing risk. Over a 2–6 month horizon, elevated leverage constrains financial flexibility, increases sensitivity to market dislocations, and can limit management’s ability to pursue opportunistic investments or absorb shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified capital‑markets franchise
CICC’s multi‑line capital‑markets business spreads revenue across advisory/underwriting, brokerage, trading and asset management. That structural diversification reduces reliance on any single issuance or trading cycle, supports cross‑selling and steadier fee generation over the next several months.
Read all positive factors
China International Capital (3908) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$151.67B
Dividend Yield0.97%
Average Volume (3M)26.40M
Price to Earnings (P/E)5.1
Beta (1Y)2.22
Revenue Growth8.40%
EPS Growth78.28%
CountryHK
Employees14,600
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.38
Shares Outstanding1,903,714,500
10 Day Avg. Volume25,707,935
30 Day Avg. Volume26,397,416
Financial Highlights & Ratios
PEG Ratio0.12
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$27.29Price Target Upside37.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)2.46
Revenue Forecast (FY)HK$33.93B
China International Capital Business Overview & Revenue Model
Company Description
China International Capital Corporation Limited provides financial services in Mainland China and internationally. The company operates through six segments: Investment Banking; Equities; Fixed Income, Commodities, and Currencies (FICC); Asset Man...
How the Company Makes Money
CICC primarily makes money through fees, commissions, and trading/investment-related income generated across its core business lines: (1) Investment banking: earns advisory fees for services such as mergers and acquisitions, restructurings, and ot...
China International Capital Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.86B | 47.92B | 19.63B | 33.02B | 36.82B | 41.46B |
| Gross Profit | 30.17B | 39.63B | 20.71B | 21.49B | 23.54B | 33.19B |
| EBITDA | 14.68B | 20.22B | 15.62B | 19.33B | 19.88B | 22.43B |
| Net Income | 11.25B | 9.54B | 5.69B | 6.16B | 7.60B | 10.78B |
Balance Sheet | ||||||
| Total Assets | 866.86B | 784.75B | 674.72B | 624.31B | 648.76B | 649.80B |
| Cash, Cash Equivalents and Short-Term Investments | 48.45B | 488.41B | 88.68K | 431.90B | 438.80B | 427.06B |
| Total Debt | 362.33B | 352.36B | 304.31B | 280.33B | 276.96B | 253.36B |
| Total Liabilities | 729.40B | 682.28B | 559.09B | 519.41B | 549.29B | 565.06B |
| Stockholders Equity | 132.03B | 100.00B | 115.35B | 104.60B | 99.19B | 84.42B |
Cash Flow | ||||||
| Free Cash Flow | 44.70B | 49.87B | 40.93B | -3.88B | 56.37B | 808.99M |
| Operating Cash Flow | 45.43B | 50.62B | 41.87B | -2.42B | 57.96B | 1.87B |
| Investing Cash Flow | -44.58B | -33.76B | -24.31B | 2.08B | -23.44B | -7.33B |
| Financing Cash Flow | 15.41B | -8.22B | -8.40B | -13.71B | -15.13B | 25.52B |
China International Capital Technical Analysis
Neutral
19.82
Price Trends
19.38
Positive
20.20
Positive
20.37
Negative
Market Momentum
0.34
Positive
48.02
Neutral
22.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3908, the sentiment is Neutral. The current price of 19.82 is below the 20-day moving average (MA) of 20.85, above the 50-day MA of 19.38, and below the 200-day MA of 20.37, indicating a neutral trend. The MACD of 0.34 indicates Positive momentum. The RSI at 48.02 is Neutral, neither overbought nor oversold. The STOCH value of 22.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$151.67B | 5.14 | 10.09% | 0.97% | 8.40% | 78.28% | |
69 Neutral | HK$296.30B | 8.17 | 6.85% | 2.75% | 91.20% | 30.16% | |
68 Neutral | HK$179.48B | 4.86 | 10.70% | 2.80% | 2.39% | 46.72% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | HK$436.32B | 7.80 | 11.64% | 2.05% | 48.94% | 36.64% | |
67 Neutral | HK$156.03B | 7.74 | 10.10% | 3.83% | 38.36% | 19.98% | |
63 Neutral | HK$180.83B | 6.38 | 9.27% | 2.92% | 28.52% | 6.24% |
* Financial Sector Average
HK:3908
China International Capital
20.22
5.53
37.67%
HK:6030
CITIC Securities Co
25.66
6.63
34.85%
HK:6886
Huatai Securities Co
15.84
3.31
26.46%
HK:6099
China Merchants Securities Co., Ltd. Class H
15.15
3.22
26.95%
HK:6066
CSC Financial Co., Ltd. Class H
11.46
2.61
29.42%
HK:2611
Guotai Junan Securities Co., Ltd. Class H
13.20
2.72
25.93%
China International Capital Corporate Events
China International Capital Posts Strong Unaudited Results for Q1 2026
Apr 29, 2026
China International Capital Corporation Limited reported its unaudited first-quarter 2026 results under Chinese Accounting Standards, reflecting the performance of the group from January to March. The company emphasized that its board and senior m...
CICC Sets April Board Meeting to Approve First-Quarter 2026 Results
Apr 17, 2026
China International Capital Corporation Limited, a major Chinese investment bank listed in Hong Kong, offers securities, investment banking, asset management and advisory services to a wide range of institutional and corporate clients. The firm pl...
China International Capital Forecasts Up to 90% Profit Surge in Q1 2026
Apr 15, 2026
China International Capital Corporation expects a sharp jump in first-quarter 2026 earnings, forecasting profit attributable to shareholders between RMB3.37 billion and RMB3.88 billion. That would mark a year-on-year increase of roughly 65% to 90%...
China International Capital Declares Final 2025 Dividend, Details Pending
Mar 30, 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 the Hong Kong dollar equivalent, key dates and shareholders’ approval ti...
China International Capital Revamps Senior Management, Names New Chief Compliance Officer
Mar 30, 2026
China International Capital Corporation has reshuffled its senior management, appointing Liang Shipeng and Guo Jimin to its Management Committee and naming Liang as the new chief compliance officer. The move follows the reassignment of former chie...
China International Capital Releases Audited 2025 Annual Results
Mar 30, 2026
China International Capital Corporation Limited has released its audited annual results for the year ended December 31, 2025, fulfilling disclosure requirements of the Hong Kong listing rules. The full 2025 annual report will be made available on ...
China International Capital Sets March 2026 Board Meeting to Approve 2025 Results and Dividend Plan
Mar 18, 2026
China International Capital Corporation Limited has scheduled a board meeting for March 30, 2026 to review and approve the annual results of the company and its subsidiaries for the financial year ended December 31, 2025. The board will also consi...
China International Capital to Issue CNY2 Billion 1.90% Notes Due 2028 in Hong Kong
Mar 12, 2026
China International Capital Corporation Limited announced that its issuer, together with a guarantor, has agreed to issue CNY2 billion 1.90 per cent notes due 2028 under its US$10 billion guaranteed medium term note programme, which has been perio...
CICC Announces Independent Director Resignation and Board Committee Reshuffle
Feb 27, 2026
China International Capital Corporation Limited announced that independent non-executive director Peter Hugh Nolan will resign from the board and all related committee roles on February 27, 2026, as his consecutive term approaches the six-year reg...
China International Capital Outlines Board and Committee Structure
Feb 27, 2026
China International Capital Corporation Limited announced the current composition of its board of directors and clarified each director’s roles across key board committees, including strategy and ESG, remuneration, nomination and corporate g...
CICC to Issue US$1.4 Billion in Floating Rate Notes Under MTN Programme
Feb 5, 2026
China International Capital Corporation Limited has announced the issuance of US$550 million floating rate notes due 2028 and US$850 million floating rate notes due 2029 under its US$10 billion guaranteed medium term note programme. The notes will...
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.