The Zhitong Finance App learned that Bank of America Securities released a research report saying that Cathay Pacific Haitong (02611)'s net profit for the second quarter was 13.9 billion yuan, up 29% year on year, 178% year on year in comparable terms, and 117% quarterly, in line with earlier profit forecasts. The bank raised Cathay Pacific Haitong's earnings forecast for 2026-28 by 13% to 21%, and raised the target price from HK$21.4 to HK$21.8, reaffirming its “buy” rating.

The bank said that Cathay Pacific Haitong benefited from strong performance in the Science and Technology Innovation Board market and technology stock IPOs in the second quarter. It is estimated that related revenue contributed about 7 billion yuan in the second quarter, accounting for about 23% of total revenue. Although the technology sector has been adjusted since the third quarter, the bank's expected impact will be mitigated by the investment income from Changxin Storage's IPO and the 30% to 50% liquidity discount applied to most technology investments.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.