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First Shanghai: Maintains a "buy" rating for Sany Int'l (00631), with a target price of HKD 8.12.
First Shanghai adjusted Sany Int'l (00631) net income attributable to shareholders forecast for 2024-2026 to 2.193 billion/2.534 billion/2.958 billion yuan.
[Brokerage Focus] First Shanghai Raises Meituan's (03690) Target Price by 4%, Expects Further Profit Contribution Release.
First Shanghai's research report states that in Q1 2024, Meituan's revenue and profit exceeded market expectations, mainly due to a 28% unexpected growth in takeaway orders and a significant reduction in losses from community group buying. The report points out that Meituan's core local business operation profit will continue to improve, and new businesses' losses will continue to narrow, emphasizing high-quality development. The report believes that Meituan's advantage in takeaway business will maintain a 70% market share, placing it in an absolute leadership position, and can increase the average unit economics profit through subsequent refinement of operations, reduction of subsidies, adjustment of capacity structure and increase in commission rate. Based on the local living business,
Brokerage focuses on Sany Int'l (00631), raising target price by 27% due to sustained growth in its main business, bullish on medium to long-term development.
First Shanghai's research report states that Sany Int'l (00631) achieved record high performance in 2023, mainly due to the continuous penetration of intelligent and electric products in the market, which drove significant growth in revenue for fully mechanized mining, mining trucks, wide-body trucks and large port machinery, as well as a substantial increase in international sales revenue brought about by continuous internationalization. First-quarter performance was lower than expected, mainly due to the impact of the coal industry's business climate resulting in lower-than-expected revenue in the mining equipment sector. The bank pointed out that based on the development potential of the company's emerging aviation equipment and oil and gas business, as well as the sufficient backlog of orders in the mining equipment and logistics equipment sectors and the company's intelligence and internationalization.
First Shanghai Investments AGM Wins Unanimous Support
[Broker Focus] The first Shanghai to Alibaba (09988) purchase rating indicates that GMV is reshaping growth
Jinwu Financial News | According to the First Shanghai Development Research Report, Alibaba (09988) e-commerce GMV experienced good growth this quarter, indicating that the e-commerce business may have reached a turning point after experiencing continuous competition over the past few years. The bank believes that the performance in the second half of the year is particularly important. Additionally, in June 2024, the company will pay regular dividends and a one-time special dividend for the fiscal year 2024, totaling approximately US$4 billion. The company plans to complete the second conversion to a dual major listing in Hong Kong in August 2024. It is expected that it will be included in the Hong Kong Stock Connect in the future if it meets the conditions. The bank mentioned that revenue from core public cloud products recorded double-digit year-on-year growth this quarter
First Shanghai: Target price of HK$9.06 for a “buy” rating for BOE Precision Electronics (00710)
First Shanghai predicts BOE Precision Electronics (00710)'s revenue for 2024-2025 to be HK$12.6 billion, HK$13.6 billion, and HK$15.2 billion, respectively.
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