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Hong Kong stocks anomaly | East Buy (01797) rebounds by over 6%, after a 30% drop in stock price in the past month, the company has been hit by negative news recently.
According to the Zhongtong Financial App, Eastbuy (01797) rebounded by more than 6%, and the stock price has fallen by 30% in the past month. As of the time of publication, the stock rose 6.51% to HKD 13.08, with a turnover of HKD 149 million.
Market Chatter: East Buy Losing Followers After Complaints
East Buy Holding (HKG:1797) lost nearly 10% of its followers in a month after some complaints about their work at the livestream e-commerce unit of China's New Oriental Education and Technology Group, Yicai reported on Friday.
Goldman Sachs: Maintains a "Neutral" rating for East Buy (01797), with target price lowered to HKD 15.9.
East buy's self-operated product GMV exceeded 3.6 billion yuan in the second half of fiscal year 2024 (December 2023 to May 2024).
Bocom Intl: first initiated a 'neutral' rating for East Buy (01797), with a target price of HKD 13.4.
BOCOM Intl expects that the revenue of East Buy (01797) in the 2024/2025 fiscal year will increase by 45%/13% to RMB 6.6 billion/RMB 7.4 billion respectively.
[Brokerage Focus] Bocom Intl first gave a neutral rating to East Buy (01797), indicating that there is still uncertainty in its short-term profit margin trend.
BOCOM Intl's research team indicated that after the 'small essay' incident, East Buy's main account experienced a brief decline in number of fans and has now stabilized at a level of 30 million. However, this does reflect the pressure on the growth of new traffic, and the company's long-term development in expanding its influence still faces challenges.
Daiwa: Reaffirms 'buy' rating on New Oriental-S, with a target price of HKD 78.
Daiwa released a research report, reiterated a Buy rating for New Oriental-S (09901), and raised its income forecast for fiscal year 2025 to 2026 by 3% to 4% to reflect higher assumed transaction amounts of East Buy (01797) commodities, with the target price of HKD 78. Daiwa expects that New Oriental's Q4 revenue in fiscal year 2024 will increase by 32.5% year-on-year to USD 1.14 billion, with a predicted operating profit of USD 69 million and a net income of USD 74 million according to non-US GAAP. The bank's forecast is essentially in line with the market's expectations.
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