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Bocom Intl: maintain Pou Sheng Int'l 'buy' rating, target price lowered to 1.01 Hong Kong dollars.
BOCOM International released a research report stating that it maintains a "buy" rating on Pou Sheng Int'l (03813). Due to pressure in both high-line cities and high-end price points, the forecast for income and profits in 2024-25 has been reduced, resulting in a decrease in EPS expectations. However, due to the improvement in profit margins and the increase in dividend payout ratio, the bank believes that Pou Sheng has room for valuation growth. The target price has been lowered from HKD 1.46 to HKD 1.01. BOCOM International's main points are as follows: Net income in the first half of 2024 increased by double digits YoY, and special dividends were issued for the first time. Pou Sheng's sales in the first half of the year decreased by 8.9% YoY to 9.983 billion RMB, but...
Bocom Intl (03329.HK) plans to hold a board of directors meeting on August 26th to review its interim performance.
Bocom Intl (03329.HK) announced on August 14th that the board of directors meeting will be held on August 26th, 2024 (Monday) to approve the six-month interim performance of the company and its subsidiaries ending on June 30, 2024, including their release.
BOCOM INTL: DATE OF BOARD MEETING
BOCOM International maintains a “buy” rating for Yuexiu Property, with a target price lowered to HKD 6.6.
Bocom Intl released a research report maintaining a 'buy' rating on Yuexiu Property (00123), and due to a decrease in development profit margin and an increase in sales cost, lowered revenue and profit forecasts for 2024 and 2025, and respectively revised downwards core profit forecasts for the whole of 2024 and 2025 by 34% and 35%, lowering the target price to HKD 6.6. The bank believes that the gross profit margin of real estate developers and any guidance on adjusting sales targets in the first half of the year are the most critical indicators as revenue is more greatly affected by the progress of specific project delivery. The bank expects Yuexiu Property's gross profit margin in the first half of the year to decrease to between 13% and 14%.
Bocom intl reiterates a buy rating on Yuexiu services and lowers the target price to HKD 4.72.
BOCOM Intl. released a research report stating that it reiterates a “buy” rating for Yuexiu Services (06626), but due to the impact of the industry downturn on gross margin and revenue, it is expected that the comprehensive gross margin will decrease by about 1-2 percentage points per year to about 25% in the first half of 2024. The bank has lowered its profit forecast for 2024-2026, lowering its annual profit growth to about 13%, and expected the profit in the first half of 2024 will increase by about 10-15% year-on-year. The target price is lowered to HKD 4.72. The report pointed out that benefiting from the sales growth and stable delivery of the parent company Yuexiu Property (00123) in the past two years, as well as the delivery of external entrusted projects, the bank expects that Yuexiu Services will
BOCOM Intl: China's domestic car companies achieved another record high in overseas sales in June, bullish on the performance of NIO Inc and Xpeng.
BOCOM Intl released a research report stating that in June of this year, China's self-owned automobile companies sold 0.225 million units overseas, a year-on-year increase of 45%, setting a new historical record. SAIC and Chery contributed 25% and 24% of the self-owned car overseas sales, ranking first and second respectively. Overall, China's self-owned car companies' export data has shown a growing trend year-on-year. At the same time, sales in Europe, Asia, and South America also maintained strong growth momentum. The report stated that based on the cost-effectiveness of China's self-owned gasoline vehicles, and the continuous increase in market share in Russia and South America, this institution believes that China's self-owned gasoline vehicles
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