BOCOM International has raised its price target for CITIC Securities Co Ltd (03908) to HK$28.5, implying a 0.91 times forecast price-to-book ratio for 2026, while reiterating a "Buy" rating on the stock.

The firm's forecast revision follows the company's strong first-half results, which showed attributable net profit of RMB 8.199 billion, up 89.3% year-on-year. Fee and commission income, investment gains, and interest income grew 52.8%, 40%, and 33.9% respectively during the period.

BOCOM International has updated its projections for 2026 through 2028, now expecting attributable net profit of RMB 15.4 billion, RMB 16.2 billion, and RMB 17 billion over the next three years. The broker believes the company's second-half performance should remain well supported, particularly given its strong competitive moats in onshore and offshore investment banking as well as wealth management operations.

The stock has experienced some volatility recently due to restructuring-related news, but BOCOM International noted that over the long term, the company's advantages in investment banking and cross-border operations should enable earnings resilience that outperforms the industry average.