Ge Long Hui·2025-12-18 03:19Core Viewpoint - Morgan Stanley forecasts a 70% to 80% probability that the stock price of China International Capital Corporation (CICC) will rise within the next 30 days, based on the announced stock swap mergers with Dongxing Securities and Cinda Securities [1] Summary by Relevant Sections - Stock Price Target and Rating - Morgan Stanley sets a target price of HKD 28.9 for CICC and maintains an "Overweight" rating [1] - Merger Details - CICC has disclosed the details of the stock swap merger, with an implied price-to-book ratio of 1.8 times for both CICC A-shares and Dongxing Securities (including a 26% premium), while Cinda Securities reaches 3.1 times [1] - Expected Synergies - The merger is anticipated to generate significant synergies, including strengthened capital base and expanded customer base, with a relatively swift integration process and limited dilution impact on CICC's H-share shareholders [1]