CICC: Maintains outperform rating on CIB Leasing (02588), target price of HK$81.40

According to the Zhicheng Financial APP, CICC released a research report stating that it basically maintained unchanged profit forecast for CCB Aviation Leasing (02588), with the company currently trading at a P/B ratio of 1.0x/0.9x for 2025 and 2026. It maintains an outperform industry rating and a target price of HK$81.40 (corresponding to a P/B ratio of 1.1x/1.0x for 2025 and 2026, with a 13% upside potential). The company's revenue in the first half of 2025 increased by 6% year on year to USD 1.24 billion, while net profit decreased by 26% year on year to USD 342 million. The decline in profit was mainly due to the recovery of two Russian aircraft in 1H24, which had a one-time impact. Excluding this impact, the company's core net profit increased by 20% year on year, in line with their expectations.