China International Capital Maintains Outperform Rating on CTIHK, Lowers Target Price to HK$30

Deep News06-24 13:20

China International Capital has released a research report, adjusting its forecasts for CTIHK (06055). The report states that, based on the impact of shipment timing for tobacco leaf imports and cigarette exports, the firm has lowered its net profit attributable to shareholders forecasts for CTIHK for 2026 and 2027 by 15% and 14%, respectively, to HK$890 million and HK$1.15 billion.

At the current share price, this corresponds to a price-to-earnings (P/E) ratio of approximately 16 times for 2026 and 13 times for 2027. The investment bank maintains its Outperform industry rating on the stock.

However, considering the adjustments to profit forecasts and shifts in market risk appetite, China International Capital has reduced its target price for CTIHK by 30% to HK$30. This new target price implies P/E multiples of 23 times for 2026 and 18 times for 2027, representing a potential upside of approximately 44% from current levels.

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