Daxing Daily rating | Chevron Q2 profits hit a record high, Societe Generale raised its target price
uSMART盈立智投 08-05 17:34
Lyon: reiterate Alibaba (BABA.N) buy rating target price of $180Lyon issued a report saying that Alibaba's performance in the first quarter ended June 30, 2022 was better than expected, with overall income flat at 205.6 billion yuan, slightly higher than market expectations; adjusted EBITA fell 17.5% to 34.4 billion yuan, higher than market expectations of 18.4%. Alibaba said consumption continued to improve in July, while cost optimization remained a priority. The bank expects Alibaba's customer management income (CMR) to be flat in the second quarter and adjusted EBITA to turn positive in the second half of 2022. The bank maintained its target price of $180 for Ali shares and reiterated its buy rating.
Lyon: raise the target price of 01113.HK to HK $57.6A rating outperforms the big market Lyon released a rating report that Changshi Group's medium-term business performance was solid, with net profit rising 55% to 12.936 billion yuan year-on-year, mainly due to sales proceeds and the recovery of the British bar business. As at the end of June this year, after the sale, the Group had net cash of 13.9 billion yuan. The bank believes that among the important recurrent components, there are diversified businesses that provide a stable profit prospect, while the net cash position helps the Group to invest and return to shareholders. To reflect the group's relatively stable outlook and net cash position, the bank said it cut the necessary yield margin by 1.5 percentage points to 1 per cent, raising its target price from HK $54.5 to HK $57.6, maintaining its rating as outperforming the market.
Nomura: raise the target price of 01801.HK to HK $45.38 buy Nomura issued a report that the strategic cooperation between Cinda and Sanofi is believed to strengthen Cinda's cash position and enrich the product pipeline. Nomura expects Cinda's sales to rise 8 per cent to 2.1 billion yuan in the first half, with a net loss of 1.1 billion yuan. At the same time, revenue forecasts for fiscal years 2022 and 2023 were cut by 9 per cent and 7 per cent respectively, while net loss forecasts were raised by 102 per cent and 249 per cent respectively because of weak sales and low gross profit margins. But the revenue forecast for fiscal year 2024 is raised to reflect the potential contribution of pipeline assets. Nomura maintained its buy rating on the stock and raised its target price to HK $45.38 from HK $43.75.
Nomura: raise the target price of 02269.HK to HK $97.78 Buy Nomura issued a report that the strategic cooperation between Nomura and AstraZeneca to prevent local production of new crown drugs is another cooperation after the cooperation of COVID-19 vaccine, reflecting the deeper trust between the two sides. Nomura expects revenue to grow by 62 per cent and net profit to grow by 37 per cent in the first half of the year. At the same time, revenue forecasts for fiscal year 2022 and fiscal year 2023 will be raised by 3% and 4%, respectively, and profit forecasts will be increased by 10% and 6%, respectively, to reflect the company's stronger growth momentum. The bank maintained its buy rating on the stock, raising its target price to HK $97.78 from HK $95.75.
Morgan Stanley: maintain Alibaba (BABA.N) overweight rating target price 140Morgan Stanley published a research report that the macro environment makes Alibaba's recovery trajectory uncertain, but the company's emphasis on improving business efficiency and execution, I believe, will help improve profitability. The bank expects total merchandise trading to grow by 1% year-on-year in the second quarter. Looking forward to the full year, it is believed that the performance will be similar to that in the second quarter, while the company will face greater uncertainty in revenue than earnings in the rest of fiscal year 2023. It is expected that mainland business and local services will be affected by outbreaks related to the epidemic. International business is affected by inflation and geopolitics, while the cloud business is affected by the macro IT budget, but it is expected that Ali's enforcement of cost reduction will enable the company to achieve healthy profit growth in fiscal 2023. Morgan Stanley cut its revenue forecast for Alibaba for fiscal 2023 by 2-5 per cent year-on-year, but raised its EBITA forecast by 2-8 per cent. The target price is $140 to maintain the overweight rating.
Goldman Sachs: maintain Alibaba (09988.HK) buy rating target price 163Goldman Sachs reported that Alibaba's first-quarter earnings before tax, interest and amortisation (EBITA) were 34 billion yuan, 25% higher than the bank and market expectations of 27.5 billion yuan and 28.1 billion yuan, due to effective cost control and narrowing losses in new businesses. Taking into account the results of the first quarter, the bank expects revenue to grow by 7 per cent and 6 per cent year-on-year in the second quarter and full fiscal year of 2023, respectively, while the adjusted EBITA is Rmb270 and 134 billion respectively. Ali's net profit is estimated to be flat year-on-year from the end of September to the second quarter, fall 2 per cent year-on-year in the third quarter and resume annual growth of 43 per cent in the fourth quarter. This means that Ali's first-quarter profit has bottomed out. Goldman Sachs expects Alibaba's market share losses to stabilize gradually and maintain a positive attitude towards expanding the market based on its three strategic pillars and continuing to boost business value for merchants and consumers. Keep the buy rating on Ali and the target price of H shares unchanged at HK $163.
Bank of America Securities: raise the target price of Wharf property (01997.HK) to HK $40 Neutral BofA Securities reported that Wharf Land paid a dividend of RMB0.70 per share in the first half of this year, up 4 per cent year-on-year and 16 per cent higher than the bank's expectations. About 2/3 of the increase came from an increase in rental gross margin, up from 78.6 per cent a year ago to the latest 82.6 per cent and higher than the bank's forecast of 76.5 per cent. The other 1/3 came from better-than-expected rental revenue. The bank said the increase in group gross profit margin was mainly due to cuts in sales promotion, which management expects to continue into the second half of this year unless the epidemic heats up again. The bank believes that investors will welcome management's claim that the group's retail rental revenue appears to have stabilized and that promotion can be reduced, thus prompting the market to adjust its earnings test. Bank of America Securities raised the target price of Wharf shares from HK $38 to HK $40, with a neutral rating.
Credit Suisse: maintain 01113.HK outperform market rating target price HK $63.90 Credit Suisse released a rating report that excluding the discontinued aircraft leasing business, Changshi Group's basic profit in the first half increased by 33% to 10.2 billion yuan year-on-year, accounting for 43% of the bank's full-year forecast. The bank pointed out that the strong performance in the first half was mainly driven by the improvement of the British pub business and the resilience of public utility operations. The bank pointed out that management is aware of the potential adverse impact of interest rate hikes and macro uncertainty on property sales in Hong Kong, which may put some pressure on the pricing of upcoming new products; even so, in the medium term, management is still optimistic about end-user housing demand and offers attractive prices to effectively release pent-up demand. The bank said it was bullish on the group's growing recurring profits and its strong cash position helped the group take more supportive capital management actions and focus more on profitable investments. The bank maintained its target price of HK $63.9 and its rating of outperforming the market.
JPMorgan Chase: reiterated that Alibaba (09988.HK) overweight rating, the target price of HK $135JPMorgan Chase released a report, Ali's first-quarter profit better than expected, I believe that in the next few quarters, cost optimization will continue to play a more important role, the stock price is expected to react positively to these results. The report points out that Alibaba's cost optimization has pushed up profits, and quarterly losses have narrowed in a large number of businesses, such as Taobao special edition, vegetable shopping, international e-commerce, local services, and Cainiao network, reflecting the group's transition to a more financial discipline and cost-conscious direction. Motors expects the upside for Alibaba's share price to be driven by the market's upward adjustment to its earnings test, and when earnings return to a growth rate of more than 20 per cent within six to 12 months, the share price driver will shift to valuation expansion and reiterate its overweight rating, with a target price of HK $135.
Bank of America Securities: raise the target price of Alibaba (BABA.N) to $156Buy BofA Securities issued a report that Alibaba's income for the first fiscal quarter ended June 30, 2022 was roughly in line with expectations, and the bank raised Ali's earnings per share forecast for fiscal year 2023-2025, raising the target price of Ali US stocks from $155to $156, reiterating the rating buying. BofA Securities said Alibaba's cost-saving measures were beginning to have an effect, especially in its loss-making measures. In terms of income, the GMV growth of Taobao and Tmall increased slightly in July, and the average commission rate also improved. However, BofA Securities pointed out that consumer visibility in the coming months is limited, and international trade is also affected by macro factors such as inflation, devaluation of the euro, conflict between Russia and Ukraine, and reopening. Cloud business has experienced the growth of digitalization in traditional industries, but the demand of Internet customers has weakened.
Credit Suisse: maintain the rating of Alibaba (09988.HK) to outperform the market, with a target price of HK $161.Credit Suisse published a report that Alibaba's first-quarter income was flat at 206 billion yuan per year, in line with expectations; EBITDA under non-universal accounting standards (Non-GAAP) was 34.4 billion yuan, 12% higher than the bank's expectations and 23% higher than market expectations, mainly due to cost savings. The bank said the group's merchandise turnover continued to improve in July and performed better than in June. Although the macro environment is still uncertain the main certainty of the group is a significant increase in gross profit which can be used as a profit buffer. Credit Suisse maintained its rating on Ali outperforming the market, with a target price of HK $161 for Hong Kong stocks, and reiterated that it was the first choice.
JPMorgan Chase: maintain 01113.HK 's overweight rating, with a target price of HK $67, JPMorgan Chase released a report that the group's basic profit in the first half of 2022 was better than expected due to higher-than-expected Hong Kong property development projects, but there was no surprise with a 5% increase in dividend. The bank maintains an overweight rating on Changshi, with a target price of HK $67. The report said that while buybacks are likely to support CKH's share price, it believes that short-term investors may be inclined to lock in profits given their strong performance so far this year. However, the bank believes the stock is one of its long-term core holdings because its growing recurrent income and balance sheet, earnings shift and share buybacks will see any share price correction as a collection opportunity.
Deutsche Bank: cut its target price for Match Group (MTCH.O) to $85 from $100 to maintain its buy rating Deutsche Bank analyst Benjamin Black lowered the target price for Match from $100 to $85 and maintained its buy rating on the stock. Analysts said he had expected second-quarter results to represent a liquidation of Match, and it appeared that the new leadership team had officially pressed the "reset button". Black said Hinge, a dating app, seemed to continue to perform very well, but beyond that, he was generally disappointed with Match's performance and near-term prospects.
Soci é t é G é n é rale: upgrade its CVX.N rating to buy target price from $175to $1900.Soci é t é G é n é rale analyst Irene Himona upgraded Chevron to buy from hold and target price to $190 from $175m. Himona pointed out that the second-quarter results showed that although production fell 7.4% from a year earlier, adjusted earnings were still 15% higher than market expectations, and all growth was driven by downstream sectors. Analysts said the "strong" earnings, and the increase in the repurchase ceiling to $15 billion in 2022, were "impressive", as she raised her target price and rating while sharply raising her earnings per share expectations and refined margin assumptions, and lowered debt expectations.
UBS: raise its target price for eBay (EBAY.O) to $52 from $48 to maintain a neutral rating. UBS analyst Kunal Madhukar raised the target price for eBay to $52 from $48 and maintained its neutral rating on the stock. The analyst said in a research report that the company's second-quarter results "increased slightly", but 2022 may be a transitional year, there is no real catalyst in the near future, and uncertainty remains.
Truist: raise COST.O target price to $571 maintain buy rating Truist analyst Scot Ciccarelli raised Costco's target price to $571 from $543 after Costco released July sales data, and maintained its buy rating on the stock. The analyst said in the research paper that the company's "unparalleled" value proposition continues to drive up the sales trend, in an increasingly difficult economic environment. Costco's "highly competitive" pricing will enable it to gain market share in the process of consumers seeking value.
MKM Partners: first-time Zoom (ZM.O) buy rating target price $135A MKM Partners analyst Catharine Trebnick begins to track Zoom, giving a buy rating, with a target price of $135. The stock has fallen 30 per cent so far this year due to multiple compressions across the software market and management guidance on a slowdown in annual growth after the outbreak, but this has created an attractive point of entry, the analyst said in a research report. Trebnick added that after 2022, there are several key catalysts that can increase Zoom's growth back to 20%-beyond its conservative 10.5% FY11% guidance range for fiscal year 2023-including strong product expansion and the execution of sales to enterprise customer segments.
Deutsche Bank: raise the target price for Robinhood (HOOD.O) from $8 to $9 maintain rating Deutsche Bank analyst Brian Bedell raised the target price for Robinhood from $8 to $9 and maintained the rating. Bedell said in a research report that the company's second-quarter results were "mixed" but were moving towards profitability. The analyst said Robinhood was "on a good path to profitability by cutting costs and increasing net interest income", but said "many risks remain, including falling trading revenues and uncertain contributions from several growth plans".
Piper Sandler: cut the target price of eBay (EBAY.O) to $59 from $63 to maintain an overweight rating. Piper Sandler analyst Thomas Champion lowered the target price of eBay from $63 to $59 and maintained an overweight rating on the stock. Champion said in a research report that the company's second-quarter results generally exceeded expectations. Analysts believe that "there are few surprises, and this quarter is characterized by methodical execution."
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