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
▲(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
Revenue Growth & Margins
Sustained TTM revenue growth of ~10.6% combined with durable high margins (~30% net, ~36% EBIT) indicates the firm captures pricing power in fee-based capital markets activities. Over 2–6 months, these margins support cash generation and resilience across typical market oscillations.
Negative Factors
High Financial Leverage
Elevated debt-to-equity (≈2.6x–3.5x) amplifies returns in good markets but materially increases downside risk when issuance and trading volumes decline. Over a multi-month horizon, leverage limits flexibility and increases refinancing and liquidity pressure during capital-markets slowdowns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Margins
Sustained TTM revenue growth of ~10.6% combined with durable high margins (~30% net, ~36% EBIT) indicates the firm captures pricing power in fee-based capital markets activities. Over 2–6 months, these margins support cash generation and resilience across typical market oscillations.
Read all positive factors
China International Capital (3908) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$161.40B
Dividend Yield0.97%
Average Volume (3M)26.40M
Price to Earnings (P/E)15.6
Beta (1Y)2.19
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 Ratio0.13
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$27.96Price Target Upside41.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)2.48
Revenue Forecast (FY)HK$33.80B
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 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
Positive
19.82
Price Trends
20.29
Positive
19.95
Positive
20.22
Positive
Market Momentum
0.24
Negative
54.29
Neutral
61.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3908, the sentiment is Positive. The current price of 19.82 is below the 20-day moving average (MA) of 19.90, below the 50-day MA of 20.29, and below the 200-day MA of 20.22, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 54.29 is Neutral, neither overbought nor oversold. The STOCH value of 61.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$161.40B | 15.65 | 10.09% | 0.97% | 8.40% | 78.28% | |
70 Outperform | HK$199.50B | 13.85 | 10.10% | 3.83% | 38.36% | 19.98% | |
69 Neutral | HK$345.38B | 12.76 | 6.85% | 2.75% | 91.20% | 30.16% | |
68 Neutral | HK$236.92B | 20.53 | 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$480.59B | 12.82 | 11.64% | 2.05% | 48.94% | 36.64% | |
63 Neutral | HK$208.29B | 11.15 | 9.27% | 2.92% | 28.52% | 6.24% |
* Financial Sector Average
HK:3908
China International Capital
20.76
3.14
17.85%
HK:6030
CITIC Securities Co
27.86
4.58
19.66%
HK:6886
Huatai Securities Co
16.91
1.73
11.43%
HK:6099
China Merchants Securities Co., Ltd. Class H
17.05
3.00
21.31%
HK:6066
CSC Financial Co., Ltd. Class H
12.29
2.03
19.81%
HK:2611
Guotai Junan Securities Co., Ltd. Class H
14.81
2.57
20.97%
China International Capital Corporate Events
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 ...
China International Capital Sets June 26 Shareholders’ Meeting to Vote on 2025 Results and Governance Matters
Jun 5, 2026
China International Capital Corporation Limited has called its annual shareholders’ meeting for June 26, 2026 in Beijing, where investors will vote on the 2025 board work report, annual report, profit distribution plan and the reappointment ...
China International Capital Sets Final 2025 Dividend and Key Dates
Jun 5, 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 scheduled for 26 June 2026. The ex-dividend date is set f...
CICC Calls Extraordinary Meeting to Approve Major Merger with Dongxing and Cinda
May 18, 2026
China International Capital Corporation has convened its first extraordinary shareholders’ meeting of 2026 to seek approval for a major merger plan with Dongxing Securities and Cinda Securities. The meeting, to be held in Beijing on June 8, ...
CICC Calls H Shareholders’ Meeting to Approve Mergers with Dongxing and Cinda
May 18, 2026
China International Capital Corporation Limited has convened its 2026 First H Shareholders’ Class Meeting in Beijing for June 8, 2026, to seek approval for a series of special resolutions tied to proposed mergers with Dongxing Securities and...
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...
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.