CMBC International: First Coverage of 9F Inc. (09636) with a "Buy" Rating and a Target Price of HK$65

CMB International released a research report, for the first time covering JF SMARTINV-100 (09636) with a "buy" rating. Based on a reference peer forward 29 times P/E ratio, the target price is 65 Hong Kong dollars, implying estimated P/E ratios of 25 times and 22 times for the years 2025 and 2026 respectively. JF SMARTINV-100, with its scaled multi-channel broadcasting network matrix, grasps the trend of retail investors entering the A-share market. In the era of booming new media ecosystems, the shift of the company's traffic acquisition model from "platform-driven" to "content-driven" allows platforms with high-quality content and strong user engagement to attract more attention from users. CMB International forecasts that, thanks to the company's diversified product portfolio that can meet the needs of both affluent and low-end customers, the company's total revenue will grow at a compound annual growth rate of 18% from 2025 to 2027. Considering its well-established traffic operation model, it is expected that the company will become a major beneficiary in seizing new opportunities.