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Bocom Intl maintains a "buy" rating for Alibaba-SW with a target price of HKD 107.
Bocom Intl released a research report maintaining a "buy" rating on Alibaba-SW (09988), expecting the growth rate of EBITA in Q1 of 2025 fiscal year to still be under pressure, mainly due to Taobao's continuing investment and positive layout in international commercial overseas, maintaining the judgment that the profit margin will gradually recover by 2026 and the target price is 107 Hong Kong dollars. The bank expects that Alibaba's total revenue in the first quarter will be RMB 251 billion, a year-on-year increase of 7%; Adjusted EBITA profit margin is 17%, a year-on-year decrease of about 2 percentage points, mainly due to increased investment in e-commerce business to gain market share. In addition, Bocom Intl expects
Bocom Intl: Maintains a "buy" rating on Bilibili-W with a target price increase to HKD 155.
Bocom intl released a research report stating that it maintains a "buy" rating on bilibili-W (09626) with a target price raised by 17% to HKD 155. The report stated that due to higher-than-expected revenues from new games, the second quarter income for this year has been slightly raised by 1% to 6.1 billion yuan, a 16% YoY increase. Due to economies of scale and an increased proportion of advertising revenue, the group's gross margin is expected to increase by 6 percentage points YoY and expand by 1 percentage point QoQ to 29%. At the same time, based on game revenue adjustments, the bank raised bilibili's total revenue for the next two years by 5%/8%. The bank stated that the game "San Mao" drove game revenue to accelerate, thus the bank raised it.
Bocom Intl: Maintains a 'buy' rating for Great Wall Motor, with a target price of HKD 16.3.
Bocom Intl released a research report, raising Great Wall Motor's (02333) gross margin forecast for the next two years to 20.2%/20.6% to reflect the increased sales of Tank brand and the higher proportion of overseas sales. The bank believes that its profit level may continue to improve in the second half of the year due to product structure optimization, so it raised Great Wall Motor's earnings forecast for the next two years by 65.5%/77.8%, and increased the target price by 33% from HKD 12.25 to HKD 16.3, maintaining a "buy" rating. The bank said that although Great Wall Motor's sales volume remained stable in the first half of the year, the sales of high-priced models increased significantly and the proportion of export sales also increased significantly, which led to
Bocom intl reiterates a "buy" rating for Sino biopharm, with a target price of HKD 4.8.
Bocom Internationals released a research report, reiterating its bullish rating on Sino Biopharm (01177) and raising the net income forecast for 2024-2026 by 2-3% to reflect a stronger performance growth outlook. The target price is set at 4.8 Hong Kong dollars. The bank is optimistic about its certainty in achieving long-term high growth under the drive of innovation and research and development after the basic clearance of the impact of the generic drug procurement. Main points of the report include: The elasticity of the H1 2024 performance recovery is large, and the overall impact of drug price governance is limited; The bank has updated recent operating conditions with the management, as follows: 1) The certainty of H1 2024 performance growth rebound is high, and the bank expects income and net income to
BOCOM International: Maintains 'buy' rating for Hutchmed (China), target price of HK$40.
BOCOM International released a research report stating that it maintains a 'buy' rating for Hutchmed (China) (00013) with a target price of HKD 40. The report mentioned that catalysts in the second half of 2024 include the global sales of fruquintinib in Q2 and the progress of domestic approval based on the FRUTIGA study for 2L gastric cancer; global application of savolitinib based on the SAVANNAH study; and domestic approval of surufatinib. The bank pointed out that the efficacy of the combination of savolitinib and PD-1 first-line treatment for pancreatic cancer is encouraging. One IIT data presented at the ASCOGI conference showed that the combination of savolitinib with AS therapy and carilizumab treatment had a positive effect.
Bocom Intl: Reaffirms buy rating on Akeso with a target price of HKD 70.
BOCOM Intl. released a research report that reiterated a "buy" rating on Akeso (09926) with a target price of HKD 70. The company recently held an investor meeting and invited the lead researcher of the Phase III HARMONi-A trial (using ivosidenib to treat EGFR-TKI resistant NSCLC) to further interpret the results. Experts believe that the probability of achieving a significant OS advantage in the global HARMONi trial is higher and bullish on ivosidenib's success overseas. In addition, the safety superiority of HARMONi-A trial may be a key advantage.
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