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GTJA: U- Presid China's revenue returns to the growth track, first awarded a "shareholding" rating.
GTJA released a research report stating that it has initiated coverage on U-Presid China (00220) with a "shareholding" rating, and is expected to achieve EPS of RMB 0.42/0.46/0.49 for 2024/25/26. The company's revenue after the epidemic has returned to the growth track, and the beverage business is the core growth point, with a improving profit margin trend. Since 2018, the company has implemented 100% or excess dividend payment, and the current stock price corresponds to a dividend yield of 8%. GTJA's main points of view are as follows: revenue is expected to return to the growth track after the epidemic, and long-term shareholder returns are first-class. The company started operation in 1992 and achieved an overall revenue of over 20 billion in 2012.
GTJA: Maintain a 'shareholding' rating on Alibaba-SW with a target price of HKD 94.
GTJA released a research report stating that it maintains a "shareholding" rating for Alibaba-SW (09988), with the company's FY2025E-FY2027E revenue adjusted slightly to CNY 1,017.0 billion/ CNY 1,100.8 billion/ CNY 1,168.9 billion, and adjusted net income of CNY 152.0 billion/CNY 169.0 billion/CNY 180.4 billion. FY2025 target price is HKD 94. The company continues to increase shareholder returns, with its dual listing in Hong Kong coming soon and possibly qualifying for the "Hong Kong Stock Connect" as early as September. GTJA's main points are as follows: CMR and GMV growth rates may further narrow, and the turning point in monetization rate is expected. The bank expects that.
GTJA is bullish on KNTECH Optical's future growth, and initially gives a shareholding rating.
GTJA has released a research report stating that it gives JINSOON Optical (02276) a "shareholding" rating and predicts a net profit attributable to the parent of 409/492/575 million yuan for 2024-26, with growth rates of 25.2%/20.2%/17%. The bank stated that with more than 20 years of deep cultivation, the company has become a leading domestic eyeglass lens manufacturer for export, optimizing business structure and improving profitability through an efficient C2M model and leading technology R&D advantages, and is bullish about future growth. GTJA's main points of view are as follows: More than 20 years of deep cultivation has made the company a leading exporter of eyeglass lenses. 1) The company was established in 1996 and is located in Jiangsu Qidong, Shanghai Pudong, and Japan Akashi.
GTJA: Maintains a "shareholding" rating on China Overseas Development, with a significant improvement in sales area in June.
Gtja released a research report and maintained a "shareholding" rating for china overseas (00688). EPS for 2024-2026 is expected to be 2.41 yuan, 2.62 yuan, and 2.89 yuan, respectively. In June 2024, the company's sales area marginally improved, and with the support of heavyweight luxury residential projects in first-tier cities, sales and average prices reached historical highs. In the first half of the year, the company's land acquisition was cautious, with a land acquisition-to-sales ratio of only 0.09 and relatively weak investment. Gtja's main points of view are as follows: In June 2024, the company's sales area marginally improved, and the hot sale of luxury residential projects pushed sales and average prices to historical highs. 2
Gtja: First-time "shareholding" rating for Tingyi, long-term maintenance of high-level shareholder returns.
GTJA released a research report stating that it covered Tingyi for the first time and gave it a "shareholding" rating. It is expected that the company's net income CAGR (2024E-26E) will be around 8%, and it will maintain a 100% dividend in the medium term. At present, the stock price corresponds to a dividend yield of 6%. The company has a large order of billions of yuan, and its multi-category product layout and brand pricing power give a leading position. The new consumer trend promotes industry expansion, and the steady growth of instant noodles and diversified beverages drives growth. The bank predicts that the company's EPS will be 0.61/0.65/0.70 yuan in 2024/25/26. GTJA's main points are as follows: Instant noodles and beverages have a scale of 80 billion yuan,
GTJA: Maintains Greentown China's "shareholding" rating, with continued improvement in marginal sales of self-invested projects in June.
GTJA released a research report stating that it maintains a "shareholding" rating for Greentown China (03900), with EPS of 1.35 yuan, 1.53 yuan, and 1.76 yuan for 2024 to 2026. In June, the company's self-owned project sales margin continued to improve, achieving a widening increase in monthly sales and maintaining stable prices. Against the backdrop of slowing industry land acquisition, the company was relatively active in land acquisitions in the first half of the year, with a land acquisition-to-sales ratio of 0.24. In the first half of 2024, the total contracted sales of Greentown Group were RMB 126.5 billion, a year-on-year decrease of 5.7%, with subcontracting projects accounting for 32.5%, of which the monthly sales in June were…
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