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Guosen Securities (002736.SZ): Received a reply from the China Securities Regulatory Commission regarding matters related to participating in the convenience swap.
Guosen (002736.SZ) announced on October 18th, 2024, that on October 18th, 2024, the company received the China Securities Regulatory Commission (hereinafter referred to as "CSRC")'s Reply on the Matters Concerning Guosen Securities Co., Ltd.'s Participation in the Convenient Swap (Institutional Letter [2024] No.1877) (referred to as the "Reply"). According to the Reply, the Securities and Fund Institutions Supervision Department of the CSRC has no objections to the company's participation in the Convenient Swap (SFISF).
Guosen Securities: Tencent's operation revitalizes the game, stable valuation of mature overseas game giants, maintaining a "outperform the market" rating.
Guosen Securities released a research report stating that the adjusted net income of tencent from 2024 to 2026 is expected to be 219.8/248.2/272.9 billion yuan, with corresponding 24E/25E/26E P/E ratio valuations of 16/14/13x, and continues to maintain an 'outperforming the market' rating. With the domestic gaming industry entering a mature stage, attention is given to the trends of large DAU game platform and subsequent new product performance. The deferred revenue and base effect drive Tencent Games into a strong growth period in 2024H2 and 2025H1. Subsequently, it is recommended to focus on 'Delta Force', 'Locke's Kingdom Mobile Game', 'Honour of Kings World', 'Infinite'.
Guosen Securities: Maintains Alibaba-SW's "outperform market" rating with a target price of 120-127 Hong Kong dollars.
Guosen Securities released a research report stating that it maintains an "outperform the market" rating on Alibaba-SW (09988), and slightly adjusts the company's FY2024-FY2026 revenue forecasts to 997.2/1091.8/1199.2 billion yuan, with adjustments of -0.2%/-0.2%/-0.2%, mainly reflecting a slight decrease in the month-on-month growth rate of Taotian Group's GMV, with limited improvement in CMR growth rate; adjusting the company's FY2024-FY2026 adjusted net profit forecast to 149.2/171.8/182.3 billion yuan, with adjustments of +1.5%/-0.2%/-0.2%.
Guosen Securities to Redeem 2.7 Billion Yuan Bonds
Guosen Securities: Maintained a 'Outperforming the Market' rating on China RES Gas, with a significant increase in mid-term dividends.
Guosen Securities released a research report stating that it maintains a "outperform" rating on China Res Gas (01193), and predicts that the company's net income attributable to shareholders will reach HKD 5.64/6.13/6.63 billion in 2024-2026, with a year-on-year growth of 8%/9%/8%. The company's gas sales volume in the first half of the year reached 20.9 billion cubic meters (+5.3%), achieving a gross margin of HKD 0.54/cubic meter (+0.04/cubic meter). In addition, China Res Gas plans to distribute an interim dividend of HKD 0.25 per share, a year-on-year increase of 66.7%, with a dividend payout ratio of 16.74%. The main points from Guosen Securities are as follows: the growth in gas sales volume.
The Five-year Shareholder Returns and Company Earnings Persist Lower as Guosen Securities (SZSE:002736) Stock Falls a Further 6.1% in Past Week