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Bocom intl: Maintains a 'Buy' rating on Tencent Holdings with a target price of HKD 457.
Bocom intl released a research report stating that it maintains a "buy" rating on Tencent (00700), based on strong performance of new games, with a 2% increase in game revenue forecasted for 2024. Mobile game revenue is expected to increase by 11% year-on-year, while revenue of PC games may decrease by 4% year-on-year due to the high base effect of "DnF", and advertising growth is expected to remain at 16% for the full year. Considering the possibility of increased short-term marketing investment in new games, the basic expectation of profit for the second quarter of 2024 and the full year has been maintained, with a target price of HKD 457. The main points of Bocom intl's opinion are as follows: recent growth in mobile game revenue: local and overseas growth rates have both accelerated. 1) Local market: mobile game revenue in the second quarter of 2024 is expected to increase by 31% year-on-year (
Bocom Intl: Fortune Real Estate Investment Trust's performance is stable in the first half of 2024, with a dividend yield of nearly 10%.
Bocom Intl released a research report stating that Fortune Real Estate Investment Trust (00778) had a 0.6% QoQ decrease in performance revenue in the first half of 2024, to HKD 0.872 billion (compared to HKD 0.877 billion in the second half of 2023). Net property revenue increased by 0.9% QoQ to HKD 0.633 billion (compared to HKD 0.628 billion in the second half of 2023). DPU for the first half of 2024 was HKD 0.1823 per unit, roughly in line with the market expectation of a full-year DPU of HKD 0.36. The report also states that Fortune has a dividend yield of nearly 10%. The first half of 2024 showed stable performance, roughly in line with market expectations, in the face of increasing consumer demand from the north.
Bocom Intl: Mainland China's car sales varied in July, with BYD Company as the preferred choice in the industry.
Bocom Intl released a research report stating that according to the sales data publicly available for some car companies in July, the sales performance of car companies varied, of which the sales of 10 car companies increased by 27.3% YoY, while remaining stable on a MoM basis. In July, the market's effect of price-for-quantity weakened while some car companies entered the new car release period in the second half of the year, making the car market relatively flat. Currently, the subsidy for scrapping the National III and below emission standard gasoline vehicles and replacing them with new energy vehicles has been increased from 0.01 million yuan to 0.02 million yuan, which will accelerate the replacement of old gasoline passenger vehicles. The bank stated that the preferred company in the industry is BYD Company (01211), with a "buy" rating, and the delivery of DM5.0 new technology models is expected to help BYD further expand its market share in passenger vehicles.
BOCOM Intl: Lowers xinyi energy's target price to HKD 1, maintains a "neutral" rating.
Bocom Intl released a report stating that it slightly lowered the target price of Xinyi Energy (03868) by 13.8%, from HKD 1.16 to HKD 1. The profit forecast for 2024-2026 was lowered by 27%, 27%, and 29%. The company's "neutral" rating was maintained. The bank pointed out that the company achieved a net profit attributable to the parent of HKD 0.395 billion in the first half of this year, a year-on-year decrease of 30.4%, which is within the forecast range and lower than the bank's expectations. The main reason for the decline in performance is the increase in abandonment rate, the proportion of market electricity, and the tax rate. Due to the decrease in revenue from inventory projects, the gross margin decreased by 6 percentage points year-on-year to 64.2%. In June, the National Energy Administration will introduce new energy measures.
Bocom Intl: Maintains Neutral Rating for Xinyi Solar, Target Price Decreased to HKD 4.09.
Bocom Intl released a research report stating that it lowered Xinyi Solar's (00968) target price by 9.3%, from HKD 4.51 to HKD 4.09, and maintained a "neutral" rating. Since July, photovoltaic glass prices have continued to fall. At current prices, the bank calculated that all enterprises except the company and Flat Glass (06865) are seriously losing money. The industry's daily melting capacity decreased by 4.1% at the end of July compared to the previous month. The industry has entered a stage of capacity clearing. The bank pointed out that the company achieved a net profit attributable to the parent of HKD 1.96 billion in the first half of 2024, a year-on-year increase of 41%, slightly exceeding the median forecast. Photovoltaic glass division revenue increased by 4.8%
BOCOM International: Under the support of policies, the update cycle of home appliances is coming. It is recommended to pay attention to leading white goods companies such as Haier Smarthome.
Bocom International has released a research report stating that the National Development and Reform Commission issued a policy on July 25th to allocate approximately RMB 300 billion to support large-scale equipment upgrades and the policy of old-for-new for consumer goods. Bocom International believes that the home appliance renewal cycle is approaching, so there are still a large number of home appliance products with demand for replacement and upgrading that have not yet been released in the market. The bank recommends paying attention to the three major domestic white goods leaders such as Midea Group, Haier Smart Home (06690), Gree Electric Appliances, Inc. of Zhuhai, and Hangzhou Robam Appliances. The report states that the support intensity of this round of home appliance support policy is stronger than that of the first round policy introduced in 2009. The design of the first-round policy only included five categories of home appliances.
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