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bocom intl: Upgraded xinyi solar to 'buy', target price lowered to 4.04 HKD.
Bocom Intl released a research report stating that xinyi solar (00968) has been upgraded to "buy". Due to the decline in photovoltaic glass prices being greater than expected and the company's production falling short of expectations, the profit forecasts for 2024-2026 have been reduced by 25%/35%/29%, and the target price has been adjusted to HKD 4.04 (originally HKD 4.09). The company's photovoltaic power generation business is relatively stable in profitability and can continuously provide cash flow, with a debt ratio significantly lower than that of peers in the photovoltaic glass industry. Therefore, while the industry struggles with losses and is unable to expand production, the company is still able to maintain overall profitability and expand against the trend, putting it in a favorable competitive position. Bocom Intl's main viewpoints are as follows: The price of photovoltaic glass continues.
bocom intl: Raised the target price for beigene to HKD 159 as Q3 product sales and operation continue to improve.
Bocom intl released a research report stating that it has raised the target price for Beigene (06160) to 159 HKD, based on the Q3 performance and the ongoing strong trend in product volume. The revenue forecast for 2024-2026 has been raised by 6-7%, and the peak sales forecast for Zanubrutinib has been increased by 4% to 5.4 billion. The bank stated that key focus for the next 12 months includes: 1) approval of more indications for Tarextumab 1LESCC, 1LGC in core developed markets like Europe and the US, and data readouts for combination therapies (Tarextumab combined with OX40, LAG3, etc.); 2) Bcl-2 inhibitors.
Bocom Int'l: in October, the domestic mobile gaming large cap remained stable, tencent's cash flow steady.
Bocom Intl released a research report stating a leading rating for the internet plus-related industry. The bank maintains expectations for accelerated growth in Tencent's (00700) mobile gaming revenue in the third and fourth quarters (16%/21%), focusing on the stable revenue of 'MDnF' and the progress of new games like 'Breaking Dawn of Stars.' The report mentions that Netease-S (09999) is expected to show marginal improvement in mobile gaming performance in the fourth quarter, with valuation at historical lows. Tencent's revenue in October remains strong, with a 13% net increase in domestic mobile games. 'MDnF' generated 1.3 billion RMB in revenue in October, continuing the trend of month-on-month decline. Overseas revenue increased by 22% year-on-year, still affected by...
Express News | Bocom Intl initiates buy rating on Semiconductor Manufacturing International Corporation H shares with a target price of 32 Hong Kong dollars.
bocom intl: sino biopharm's 3Q24 performance exceeded expectations, acquiring the controlling rights of the first A-share company.
Bocom Intl released a research report stating that Sino Biopharm (01177) had a 14.3% year-on-year increase in revenue to 5.47 billion yuan, with adjusted net income increasing by 58.0% to 0.6 billion yuan, both exceeding the bank's expectations. Management maintains a double-digit revenue growth guidance for the full year. In addition, the company acquired control of Haobobo (688656.SH) entering the immunodiagnostics track with an acquisition price of 33.74 yuan/share. After completion, Haobobo will become the first subsidiary of Sino Biopharm listed on the A-share market, with the bank believing its product portfolio will complement the company's respiratory, autoimmune, and other disease areas.
bocom intl: Maintains a 'buy' rating on PICC P&C, with target price raised to 14.9 Hong Kong dollars.
Bocom Intl released a research report stating that it has raised the investment income and profit forecast for PICC P&C (02328), expecting a 31% year-on-year growth in net income in 2024, with a potential return on equity (roe) reaching 13%. Based on a 2025 price-to-book ratio of 1.1 times, the target price has been raised by 24.2% from 12 Hong Kong dollars to 14.9 Hong Kong dollars, maintaining a "buy" rating. The report indicates that the net income for the first three quarters increased by 38% year-on-year, in line with the company's previous performance forecast, with the third-quarter profit growth mainly driven by investment income. Premium service revenue growth remained stable. The comprehensive cost ratio of auto insurance improved, while non-auto insurance experienced underwriting losses.
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