JPMorgan: Gives ICBC (01398.HK) an "Overweight" rating with a target price of HK$8.7

Zhitong Finance APP has learned that JPMorgan released a research report stating that it has adjusted the rating on Industrial and Commercial Bank of China (01398.HK) from "Not Rated" to "Overweight" and assigned a target price of HK$8.7. The bank forecasts that ICBC's earnings will grow by 3.9%, 4.3%, and 4.5% in 2026, 2027, and 2028, respectively. JPMorgan stated that the record over the past decade shows that ICBC's earnings per share and dividend volatility are lower than the industry average. Compared with peers, ICBC has lower downside risk from the tariff war, and if a capital injection occurs, its equity dilution risk is also lower than that of peers.