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[Brokerage Focus] FIRST SHANGHAI maintains Buy rating on New Oriental (EDU/09901), indicating that the company's guidance for the next period shows a slowdown in growth.
Jingwu Financial News | FIRST SHANGHAI released a Research Report indicating that New Oriental (EDU/09901) FY25Q2 Net income increased by 19.4% year-on-year to 1.04 billion USD (in USD, the same below), after excluding the revenue from EAST BUY self-operated products and e-commerce business, the revenue increased by 31.3% to 0.894 billion USD. This aligns with the company’s previous performance guidance (+25% to +28%). Operation Net income was 0.019 billion USD, down 9.8% year-on-year; Non-GAAP operating profit was 0.028 billion USD, down 45.8% year-on-year; profit attributable to parents was 0.032 billion USD, up 6.2% year-on-year. Non-GAAP attributable profit.
[Brokerage Focus] FIRST SHANGHAI maintains a Buy rating on Sands China (01928), stating that the poor performance in the fourth quarter is influenced by last year's high baseline.
Golden Wealth News | FIRST SHANGHAI's Research Reports indicate that Sands China (01928) experienced a 5.0% year-on-year decrease in net revenue for the fourth quarter of 2024, and a 0.6% decrease compared to the previous quarter, totaling $1.76 billion (recovering to 79% of 2019 levels). The VIP business saw a 39.6% decline compared to the previous quarter (this business recovered to 19% of the same period in 2019), while the mass market business grew by 2.1% over the previous quarter (high-end mass market decreased by 1.0%, reaching 103% of the same period in 2019; general mass market increased by 5.5%, recovering to 85.0% of the same period in 2019). In terms of Retail Trade: gross income and operating profit increased by 8% compared to the previous quarter.
First Shanghai Securities Starts China Hongqiao Group at Buy With HK$16.80 Price Target
[Brokerage Focus] FIRST SHANGHAI gives CHINAHONGQIAO (01378) an initial "Buy" rating, citing a decline in raw material prices that boosts the company's profits.
Jinwu Financial News | FIRST SHANGHAI issued a Research Report indicating that CHINAHONGQIAO (01378) subsidiary ShanDong Hongqiao achieved revenue of 110.1 billion yuan in the first three quarters, a year-on-year increase of 12.5%; achieved a Net income of 15.8 billion yuan, a year-on-year increase of 141%. In Q3, ShanDong Hongqiao achieved revenue of 38 billion yuan, a year-on-year increase of 13.9%, and a Net income of 5.96 billion yuan, a year-on-year increase of 38%, an increase of 9.4% compared to Q2's 5.45 billion yuan. The increase in revenue is mainly benefited from the rise in prices of electrolytic Aluminum and alumina. In the third quarter, the domestic spot average price of electrolytic Aluminum was 19,550 yuan/ton, fluctuating at a high level.
[Brokerage Focus] FIRST SHANGHAI maintains a Buy rating on Chinasoft International (00354) and is Bullish on the company's impact and layout in the Asia Vets Business.
Goldwings Financial News | FIRST SHANGHAI's research report indicates that in the first half of 2024, ChinaSoft International (00354) achieved revenue of 7.926 billion yuan, a year-on-year decline of 6.2%; this was mainly due to decreased demand from core major client businesses. The revenue from the Asia Vets business was 3.368 billion yuan, a year-on-year increase of 2%; the net income attributable to the parent company was 0.286 billion yuan, a year-on-year decrease of 18.6%. The gross margin fell year-on-year to 23.1%, mainly due to macroeconomic factors influencing major client pricing business. From 2023 to 2024, the company continued to conduct multiple share buybacks, cumulatively repurchasing and canceling nearly 0.26 billion shares.
[Brokerage Focus] FIRST SHANGHAI maintains a "Buy" rating on CHINA POWER (02380). The accelerated development of new energy projects will bring stable profit growth.
Jinwu Finance | FIRST SHANGHAI released a Research Report indicating that CHINA POWER (02380) had a total consolidated electricity sales volume of 108,220,668 megawatt-hours in the first ten months of 2024, an increase of 30.56% compared to the same period last year. Thanks to the new installed capacity, the company's controlled wind power electricity sales grew by 57.05% year-on-year; photovoltaic electricity sales increased by 79.55% year-on-year. Hydropower benefited from a recovery in water levels in the first half of this year, with electricity sales growing by 62.62% year-on-year. The company's overall electricity sales growth rate performed excellently in the Industry, showcasing the steady advancement of the company's incremental projects, thereby driving rapid development in electricity sales business. The bank stated that the public
Chairman of First Shanghai Investments Yuen Yat Lo Buys 40% More Shares
