No Data
First Shanghai Upgrades Netflix to Buy From Hold, Adjusts Price Target to $742 From $690
First Shanghai: Rated bilibili-W(09626) as 'buy', with a target price of HKD 156.23.
Bilibili is expected to achieve Non-GAAP operation profit breakeven in Q3.
Brokerage Focus: First Shanghai: 'Three Strategies' Drive Bilibili (09626) Game Business to Rebound in the Second Half of the Year, Recommended to Buy Rating.
Jingu Finance News | First Shanghai released a research report, bilibili (BILI.US/09626) Q1 revenue was 5.66 billion yuan, up 11.7% year-on-year, slightly higher than the market's consensus expectations. Gross margin was 28.3%, up 6.5pcts year-on-year, mainly due to the increase in the proportion of high-gross-margin advertising business and optimization on the cost side; Operating profit margin was -14.5%, narrowing by 12.6% year-on-year. GAAP net loss was 0.76 billion yuan; non-GAAP net loss was 0.44 billion yuan, narrowing by 55.8% year-on-year, slightly higher than the market's consensus expected loss of 0.5 billion yuan. Next quarter revenue is expected to achieve growth.
Brokerage First Shanghai maintains a 'buy' rating for China Water (00855), pointing out its core business stability and entering a high-quality development stage.
First Shanghai issued a report commenting on China Water's (00855) performance for 23/24 fiscal year. During the reporting period, the company's revenue decreased by 9.4% year-on-year to HKD12.86 billion, and net income decreased by 16.1% year-on-year to HKD2.59 billion. The non-generally accepted accounting principles net profit, excluding the impact of exchange rate fluctuations, also decreased by 4.0% year-on-year. The decline in the company's performance during the reporting period was mainly due to the decrease in non-core business income and the reduction in connecting and construction service income for urban water supply and environmental protection businesses. Although the company's performance declined in the 23/24 fiscal year, its core business, such as water supply, drinking water, and environmental protection operation services, remained stable.
Brokerage focuses on First Shanghai's initial buy rating of Kuaishou (01024), with a target price of 60 Hong Kong dollars and expected high-speed profit growth.
Jingu Cai Xun | First Shanghai covers Kuaishou (01024) for the first time. It is expected that as user stickiness and commercial capabilities continue to improve, the company's advertising and e-commerce business will grow rapidly. The target price of the company is HKD 60, corresponding to 13 times PE in 2025, and there is a 26% upside potential compared to the current price. A buy rating is given. The bank pointed out that online marketing business is one of Kuaishou's main sources of disciples, and its revenue maintains steady growth, while internal circulating advertising is expected to become the main driving force of Kuaishou's advertising revenue. As for the e-commerce business, as an important engine for Kuaishou's future growth, Kuaishou has opened up a cross-category shelf scene.
Brokerage Focus: First Shanghai initiates a buy rating for PetroChina (00857) with a target price of HKD 10.06.
First Shanghai's research report states that PetroChina (00857), as an oil & gas company with integrated operation in the upstream exploration, development, storage and transportation, midstream refining and chemical, downstream sales, has strong risk resistance. At the same time, as the oil company with the largest reserves in China, the company has excellent resource endowment. The policy background of increasing reserves and production highlights the company's full industry chain advantages, and the income level of midstream and downstream business is expected to be significantly improved. The bank believes that the oil and gas mining sector revenue of the company is highly positively correlated with international oil prices, and upstream oil and gas resource business will operate at high oil prices.
Chairman of First Shanghai Investments Yuen Yat Lo Buys 40% More SharesNo Data
