BOC International: Maintaining the New Oriental-S “Buy” Rating and Lowering the Target Price to HK$89
BOC International released a research report stating that without considering Oriental Selection (01797), the target price for the New Oriental-S (09901) was lowered to HK$89, corresponding to the price-earnings ratio of 33 and 27 times for the 2024/25 fiscal year and 48% profit growth rate for the 2025 fiscal year, maintaining the “buy” rating. Due to increased investment in Oriental Selection, the Group's operating margin forecast was lowered from 14% and to 12.8%. The bank indicated that it raised revenue by 4% and 24% for the 2024/25 fiscal year, driven by Oriental Selection and the volume of cultural tourism revenue. After the quarterly results were released, the stock price closed down 14%, mainly affected by short-term pressure on profit margins. Currently
BOCOM International Narrows Losses in 2023
BOCOM International Holdings (HKG:3329) logged a loss of around HK$1.47 billion for the year through December 2023, as compared to a loss of HK$2.98 billion in 2022, amid "sluggish market conditions",
BOC International: Maintaining Kingsley Biotech's “Buy” Rating Target Price of HK$27.75
BOC International released a research report stating that it maintains Kingsley Biotech's (01548) “buy” rating, with a target price of HK$27.75. The bank expects that the approval of Carvykti's new indications will significantly reduce the OOS of the product and gradually release new production capacity. Sales are expected to rise rapidly every quarter starting in the second half of the year. As the investment and financing environment continues to recover, the CDMO (Booming Bio) sector's performance has exceeded expectations. For the life sciences services sector and Bestmaster, the company is leading to strong annual revenue growth of 15%-20% and 20%-30% (@CER, i.e. comparative effectiveness study).
交銀國際:2023 年度報告
BOC International: Maintaining China Financial Insurance's “Buy” Rating and Raising the Target Price to HK$12
BOC International released a research report stating that the target price of China Financial Insurance (02328) will be raised by 14% from HK$10.5 to HK$12 based on the market account ratio of 1x in 2024 to maintain the “buy” rating. The company's leading market position is stable, its profitability is stable, its dividend capacity is sustainable, and its high dividend attributes are outstanding. The bank expects the company's underwriting profit and investment income to improve in 2024. Net profit to mother is expected to increase 7% per year, and ROE is expected to remain at 11%. The return on investment is expected to improve slightly in 2024.
BOC International: Maintaining Tencent's “Buy” Rating and Raising Target Price to HK$395
BOC International released a research report saying that maintaining Tencent's (00700) “buy” rating, it is expected that high marketing expenses will not continue in the fourth quarter of last year. The company will continue to maintain the trend of gross profit growing faster than revenue and operating profit growing faster than gross profit, increasing operating profit by 8%/6% in 2024/25. The target price was raised from HK$390 to HK$395. The bank expects that in the second quarter, with the steady operation of old games and confirmed revenue in the first quarter, plus the launch of new games (Dungeons and Warriors), the growth rate of Tencent's game revenue will be positive, and the performance for the whole year will be low and high. BOC International's main views are as follows: Recent updates on local mobile game sales
BOC International: Maintaining NetEase's “Buy” rating and looking forward to the launch of major mobile games this year to boost revenue
BOC International released a research report stating that it maintains the NetEase S (09999) “Buy” rating and expects the launch of the blockbuster mobile games “Eternity Mobile Game” and “16 Voices of Yan Yun” this year to boost game revenue growth. Blizzard China and the company jointly announced an updated agreement to return to the Chinese market one after another from this summer. The bank believes that Blizzard's resumption of cooperation will have limited impact on short-term performance, and that the agreement with Microsoft will help enhance the space for long-term overseas cooperation between the two sides. The report points out that the agreement between the two sides to promote the launch of new NetEase games on platforms such as XBOX will benefit NetEase's multi-terminal layout for overseas games. Previously, the two sides agreed on agency services in the mainland
BOC International: Maintaining China Biopharmaceutical's “Buy” Rating Target Price of HK$4.8
BOC International released a research report stating that it maintains the “buy” rating of China Biopharmaceuticals (01177), with a target price of HK$4.8, and is optimistic that the 2024 performance recovery and the value of the innovation pipeline will continue to be realized. The company recently established a strategic partnership with Boehringer Ingelheim (BI). The bank believes that this cooperation will further consolidate the company's multi-target layout in the field of solid tumors, have strong collaboration with existing products, and increase the company's revenue and profits. BOB International's main views are as follows: Cooperation in the field of major oncology is highly collaborative with existing pipelines: the company recently established a strategic partnership with Boehringer Ingelheim (BI), and together
Bocom International's Unit to Dispose of $23 Million Senior Notes
Bocom International Holdings (HKG:3329) unit BOCOM Securities received an offer to dispose of $23.3 million senior notes by SiriusPoint, according to a Friday filing on the Hong Kong bourse. The notes
BOC International subsidiary plans to sell notes with a principal amount of US$23.3 million
BOC International (03329) announced that on April 4, 2024 (prior to early expiration), BOC Securities (a direct wholly-owned subsidiary of the Company) has surrendered notes with a principal amount of US$23.3 million (SiriusPoint Ltd.) (SiriusPoint Ltd.) and delivered a letter of consent in accordance with the terms and conditions of the offer statement issued by the offeror (SiriusPoint Ltd.) in respect of the offer and the consent form. If the notes surrendered by BOC Securities are accepted and paid by the offeror, it is expected that BOC Securities will collect the total price agreement for the sale
BOC International (03329.HK) sold notes with a principal amount of US$23.3 million
Gelonghui, April 5, 丨 BOC International (03329.HK) announced that on April 4, 2024 (before the early expiration time), BOC Securities (a direct wholly-owned subsidiary of the company) had handed over a note with a principal amount of $23.3 million and delivered a consent form in accordance with the terms and conditions of the offer statement issued by the offender in relation to the offer and request for consent. If the notes handed over by BOC Securities are accepted and paid by the offeror, BOC Securities is expected to collect a total price of approximately US$237.64 million for the sale.
BOC International: Raising the target price of Haier Smart Home to HK$35.8, the dividend level exceeded expectations
BOC International released a research report stating that considering the gradual implementation of the policy, the improved development of the North American market, the improvement in profits in the European market, the certainty of performance growth and the increase in dividend rates, the target price of Haier Smart Home (06690) was raised from HK$31.1 to HK$35.8, maintaining the “buy” rating. According to the report, the company's sales and net profit increased 7.3% and 12.8% year on year, respectively, to 261.4 billion yuan and 16.6 billion yuan; gross margin and operating profit margin increased 0.2 and 0.3 percentage points respectively, driving net profit margin expansion 0.4 percentage points to 6.4%. During the period, the dividend payout ratio increased to 45%
BOC International: Maintaining China Biopharmaceutical's “Buy” Rating and Raising the Target Price to HK$4.8
BOC International released a research report saying that maintaining the “buy” rating of China Biopharmaceuticals (01177), the cost reduction and efficiency results were remarkable last year. Revenue growth of 0.7% to RMB 26.2 billion was in line with expectations. It believes that the accelerated implementation of the company's R&D results is expected to drive growth recovery, and the target price rose from HK$4.55 to HK$4.8 billion. BOC International said it will lower Zhongsheng Pharmaceuticals' net profit forecasts for 2024 to 2025 by 18% and 14% to 2.75 billion yuan and 3.3 billion yuan, respectively, to reflect the company's continued divestment of non-core businesses after focusing on the four major treatment areas, due to last year's profit margins and cost reduction and efficiency gains
BOC International: Maintaining Haier Smart Home's “Buy” Rating and Raising the Target Price to HK$35.8
BOC International released a research report stating that maintaining Haier Smart Home (06690)'s “buy” rating, the target price was raised to HK$35.8, taking into account the gradual implementation of the policy, the improved development of the North American market, the improvement in profits in the European market, the certainty of performance growth and the increase in dividend payout rates. The company's 2023 performance is in line with expectations, and dividends exceed expectations; the dividend plan that exceeds market expectations drives the company's stock price performance today. According to the report, Haier's high-end brand Casadi aims for double-digit growth in 2024: the company will make strategic adjustments to the Casadi brand, which contributes double digits in revenue in 2023, including 1) product upgrades.
BOC International: Maintaining the “Buy” Rating Target Price of HK$48.7 for Lingzhan Real Estate Fund
BOC International released a research report stating that it maintains the “buy” rating of Lingzhan Real Estate Fund (00823), with a target price of HK$48.7. Although overall dividends for the fiscal year ending at the end of March 2024 will still decline due to the dilution of last year's share supply, the bank believes that Linzhan's performance in the first three quarters of fiscal year 2024 has remained generally stable, and rents are expected to record moderate increases to offset the impact of rising interest rates. Meanwhile, the stock currently predicts a dividend rate of 7.7%, which is about 350 points higher than the 10-year US Treasury interest rate. I believe the stock price fully reflects concerns about retail and interest rate uncertainty.
BOC International (03329) subsidiary invested $10 million to subscribe for 33.33% interest in Taiping GBA Inno-Tech Limited Partnership Fund
Zhitong Finance App News, BOC International (03329) issued an announcement. On March 27, 2024, the subsidiary BOC International Changsheng Investment Co., Ltd. was notified by general partner Taiping Financial Investment Co., Ltd., that the general partner had accepted the subsidiary to pledge 10 million US dollars (equivalent to the partnership Taiping GBA Inno-Tech Limited Partnership Fund about 33.33% of the total capital contribution amount) on the date of this announcement Apply. According to the announcement, subscription matters
Bocom International's CEO Steps Down; Successor Named
Zhu Chen has resigned as Bocom International Holdings' (HKG:3329) chief executive officer effective Wednesday, due to work reassignment, a same-day filing on the Hong Kong bourse said. Zhu has also be
BOC International: Maintaining CIMC's “Buy” Rating and Lowering Target Price to HK$9.04
BOC International released a research report stating that maintaining CIMC's “buy” rating (03899), future profits will still depend on the clean energy sector to grow, and the target price will be reduced by 7.94% from $9.82 to HK$9.04. According to the report, the revenue and gross profit of the clean energy sector increased by 41% and 44% respectively in 2023, higher than expected. It is believed that the sector is still growing rapidly. The Group raised the final interest rate by 25%, and the annual dividend ratio increased 8 percentage points year on year to 49%. The bank expects the Group's profit compound to grow by about 11% over the next three years, slightly lowering the Group's 2024 earnings per share forecast by 1%
BOC International: Maintaining the “neutral” rating of the card transfer and lowering the target price by 12.5% to HK$14
BOC International released a research report stating that it maintains the “neutral” rating of Moving Card (09923) and believes that although there is potential for business growth in the Chinese market, the growth rate will slow down under a high base, and the target price will be lowered by 12.5% to HK$14 from HK$16. The company's payment business performed well. In 2023, revenue increased 16% year over year to 4 billion yuan (same below), and adjusted EBITDA increased 161% year over year to 560 million yuan, in line with the bank's expectations. According to the report, the rapid growth of the credit card payment business has benefited from the recovery of offline consumption and the expansion of agent channels, with payment revenue of 3.5 billion yuan. The bank believes that its payment industry
BOC International (03329.HK) appoints Xie Jie as CEO and Executive Director
Gelonghui, March 27丨BOC International (03329.HK) announced that Ms. Zhu Chen resigned as CEO of the company due to a job transfer, and that the executive director was also reappointed as a non-executive director, effective March 27, 2024. Mr. Xie Jie has been appointed as the company's CEO and Executive Director with effect from March 27, 2024. The board of directors is also pleased to announce that Mr. Wang Yongqing has been appointed as a non-executive director of the company with effect from March 27, 2024.
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