[JP Morgan: Give ICBC an “overweight” rating with a target price of HK$8.7] On October 28, JPMorgan Chase issued a research report stating that it would adjust the rating of ICBC (01398) from “unrated” to “overweight” and give it a target price of HK$8.7. The bank predicts that ICBC’s profits will grow by 3.9%, 4.3% and 4.5% respectively from 2026 to 2028. JPMorgan Chase said that records over the past decade show that ICBC's earnings per share and dividends have been less volatile than the industry average. Compared with its peers, ICBC's downside risk from the tariff war is lower, and its equity dilution risk in the event of a capital injection is also lower than its peers. The bank believes that dividends are the main factor supporting ICBC's performance in the medium term. ICBC can release provisions to offset potential negative factors such as additional asymmetric interest rate cuts, refinancing mortgages at lower interest rates, or rising non-performing loan formation rates, so there is limited room for downside in dividend payments.